Dade County FCU Grants $14.65M Construction Loan To 2241 Banes LLC For Banes Apartments In Miami
715 Northwest 22nd Place, 2241 Northwest 7th Street & 2261 Northwest 7th Street
$14,650,000
Building Size
—
Asset Type
Development Site
Closing
Oct 20, 2023
AI
A $14.65 million construction loan has been granted by Dade County Federal Credit Union to 2241 Banes LLC for the development of the Banes Apartments in Miami's Little Havana neighborhood. The project involves the construction of a five-story complex comprising 32 units. PACE financing will be utilized to incorporate energy-efficient improvements.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $14,650,000
- Address: 715 Northwest 22nd Place, 2241 & 2261 Northwest 7th Street
- Market: Miami
- Landlord: 2241 Banes LLC - Richard H. Lopez - Esquire Capital Investments
- Lender: Dade County Federal Credit Union
- Loan Type: Construction Loan
The development of the Banes Apartments is being financed by Dade County Federal Credit Union through a construction loan. 2241 Banes LLC, represented by Richard H. Lopez of Esquire Capital Investments, will oversee the project. The complex is expected to enhance the housing options in Miami's Little Havana neighborhood.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.08%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93