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Ocean Bank Provides $32.4M Loan For Development Site In Miami

Property Image
FINANCED
$32,400,000

Florida

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Development Site736 SF
Financed 04/08/2021
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Property Image
FINANCED

Ocean Bank Provides $32.4M Loan For Development Site In Miami

61 Northwest 37th Avenue, Miami, FL 33125

See Similar Deals
Development Site736 SF
Financed 04/08/2021
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$44,021
Total Square Footage:736 SF
Transaction Type:Loan

The Astor Companies, led by Henry Torres, has secured a $32,400,000 loan from Ocean Bank for the development site located at 61 Northwest 37th Avenue in Miami. The site spans 1.1 acres and is poised for future development.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $32,400,000
  • Address: 61 Northwest 37th Avenue, Miami
  • Lender: Ocean Bank
  • Landlord: The Astor Companies - Henry Torres
  • Acres: 1.1

This loan will provide the necessary capital for The Astor Companies to proceed with their development plans for the site. The transaction was facilitated by Ocean Bank, representing a significant step forward in the project's realization.

Players

Ocean Bank
Ocean Bank
LENDER
Henry Torres
Henry Torres
7 deals$226.6M volume
LANDLORD

Details

FINANCED
IMAGE: Henry Torres DATE: 04/08/2021 ADDRESS: 61 Northwest 37th Avenue MARKET: Miami ASSET TYPE: Development Site LENDER: Ocean Bank LANDLORD: The Astor Companies - Henry Torres LOAN AMOUNT: $32,400,000 ACRES: 1.1

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$32,400,000.00

Monthly NOI$216,000.00
Monthly Debt Service$204,790.04
Change in Cash Flow$0.00
Refinance Proceeds$0.00