Updated Dec 2, 2024
Lalezarian Properties Secures $150M Construction Loan For 550-Unit Development Site In Downtown Miami
700 Northeast 1st Avenue, Miami, Florida 33132, United States
$150,000,000
Units
550
Asset Type
Development Site
Closing
Jun 27, 2022
About this deal
AI
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.
On the Map
$150,000,000
Development Site
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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
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93