Lalezarian Properties Secures $150M Construction Loan For 550-Unit Development Site In Downtown Miami
FINANCED
$150,000,000
Florida
See Similar DealsDevelopment Site
Financed 06/28/2022
FINANCED
Lalezarian Properties Secures $150M Construction Loan For 550-Unit Development Site In Downtown Miami
700 Northeast 1st Avenue, Miami, Florida 33132, United States
See Similar DealsDevelopment Site
Financed 06/28/2022
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
The development site located at 700 NE 1st Avenue in Downtown Miami has recently undergone a closed transaction. Spanning across 1.9 acres, this development site has a total of 550 units. The property, captured in an image by Kevin Lalezarian, presents a valuable opportunity in the real estate market.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $150,000,000
- Units: 550
- Acres: 1.9
- Market: Downtown Miami
In this closed transaction, the lender responsible for financing the development project is Bank of New York Mellon. The loan, amounting to $150,000,000, is categorized as a Construction Loan. The landlord of the property is Lalezarian Properties, with Kevin Lalezarian representing the company in this deal.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$150,000,000.00
Monthly NOI$1,000,000.00
Monthly Debt Service$948,102.04
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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