Updated Mar 11, 2025
Elite Lending Provides $21M Bridge Loan For 6060 Indian Creek Drive Development In Miami Beach
6060 Indian Creek Drive
$21,000,000
$289/SF
Building Size
72,500 SF
Asset Type
Development Site
Closing
Jun 25, 2024
About this deal
AI
The property asset involved in this transaction is a development site located at 6060 Indian Creek Drive in Miami Beach. The site has a total building square footage of 72,500. This transaction represents a bridge loan facilitating the development of an 18 luxury condo project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $21,000,000
- Loan Type: Bridge
- Loan Terms: 12 Month Interest Only
- Lender: Robert Bencomo & Ruy Rodriguez - Elite Lending
Elite Lending provided the bridge loan to the developer, refinancing an acquisition loan previously secured by the same lender. This financing is intended to support the ongoing development of the luxury condo project. Ruy Rodriguez is available for all commercial financing inquiries.
Players
Miami Beach 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
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93