Updated Dec 21, 2023
Related Group And Fontainebleau Development Secure $112M Construction Loan For Hialeah Development Site
7218 West 4th Court, Hialeah, Florida 33014, United States
$112,000,000
Units
642
Asset Type
Development Site
Closing
Feb 6, 2022
About this deal
AI
A development site in Hialeah has been sold for $112 million. The property, located at 7218 West Fourth Ave., spans 28.3 acres and consists of 642 units. The transaction took place on February 7, 2022.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $112,000,000
- Units: 642
- Acres: 28.3
- Address: 7218 West Fourth Ave.
- Market: Hialeah
The development site was purchased by a group consisting of Jorge M. Perez and Jon Paul Perez from Related Group, and Jeffrey Soffer from Fontainebleau Development. The transaction was funded through a $112 million construction loan.
Players
Hialeah 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
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93