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685 Northeast 64th Street

Michael Van Der Poel & Daniel Jacobs Of Asia Capital Real Estate Secure $123M Loan For Development Site In Miami
FINANCEDDevelopment Site

Michael Van Der Poel & Daniel Jacobs Of Asia Capital Real Estate Secure $123M Loan For Development Site In Miami

685 Northeast 64th Street

$123,000,000

Building Size

Asset Type

Development Site

Closing

Apr 15, 2026

AI

The property asset involved is a development site located at 685 Northeast 64th Street in the Miami market. The asset will support the 337-unit Adela II at MiMo Bay project, a six-story development that aims to include workforce housing units along with public benefits. This initiative is part of the expansion of the multifamily footprint of Asia Capital Real Estate near its existing Adela property.

Summary of transaction details:

This transaction highlights the roles of key individuals and companies involved, where Asia Capital Real Estate secured financing from Canyon Partners. Michael Van Der Poel and Daniel Jacobs represented Asia Capital Real Estate in this deal, facilitating the development project that aims to enhance the community by providing essential housing options.

Players

Canyon Partners
Canyon Partners Lender

Michael Van Der Poel

Asia Capital Real Estate

Landlord

$357M

vol

5 deals

Landlord

Miami 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

0.13%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93