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:
- Property Type: Development Site
- Transaction Amount: $123,000,000
- Lender: Canyon Partners
- Landlord: Michael Van Der Poel & Daniel Jacobs - Asia Capital Real Estate
- Loan Terms: floating-rate
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
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