Jorge Pérez Of Related Group Secures $5.7 Million Loan From City Of Miami For Flagler Villas
5350 West Flagler Street
$5,700,000
Building Size
—
Asset Type
Development Site
Closing
Feb 28, 2025
AI
The property involved is a development site located at 5350 West Flagler Street in Miami. This site is designated for the second phase of Flagler Villas, which consists of a total of 98 units catering to senior affordable housing. The building will be eight stories tall and is leased from the city for a duration of 99 years. It is aimed at serving households with incomes at or below 30% of the area median income.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $5,700,000
- Lender: City of Miami
- Landlord: Jorge Pérez - Related Group
Jorge Pérez, representing Related Group, secured funding from the City of Miami to advance this project. The involvement of the city indicates support for the initiative to enhance affordable housing in the Flagami area.
Players
Coral Gables Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.78%
Cash-on-Cash
-0.80%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93