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9110 West Bay Harbor Drive

Landau Properties Secures $29M Construction Loan For Development Site On West Bay Harbor Drive In Bay Harbor Islands
FINANCEDDevelopment Site

Landau Properties Secures $29M Construction Loan For Development Site On West Bay Harbor Drive In Bay Harbor Islands

9110 West Bay Harbor Drive

$29,050,000

$433/SF

Building Size

67,000 SF

Asset Type

Development Site

Closing

Jul 31, 2023

AI

The property involved in this transaction is a development site located at 9110 West Bay Harbor Drive in Bay Harbor Islands. It spans an area of 67,000 square feet. The property is owned by Landau Properties, represented by Jonathan Landau and Dc Lowinger, while the lender is BridgeInvest, represented by Alex Horn and Jon Gitman.

Summary of transaction details

  • Property Type: Development Site
  • Address: 9110 West Bay Harbor Drive
  • Market: Bay Harbor Islands
  • Lender: BridgeInvest - Alex Horn & Jon Gitman
  • Landlord: Landau Properties - Jonathan Landau & Dc Lowinger
  • Lender's Representative: Raffi Landau - Estreich & Company
  • Landlord's Representative: Isaac Lustgarten & Oren Alexander - Official
  • Loan Amount: $29,050,000
  • Loan Type: Construction

The deal involved several key individuals and companies. Raffi Landau of Estreich & Company acted as the lender's representative for BridgeInvest. On the other hand, Isaac Lustgarten and Oren Alexander, officials of Landau Properties, represented the landlord in this transaction.

Players

Isaac Lustgarten

The Corcoran Group

Broker

$262.6M

vol

24 deals

Broker
BridgeInvest
BridgeInvestLender
Jonathan Landau

Jonathan Landau

Fortis Property Group

Landlord

$2B

vol

8 deals

Landlord

Market Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.55%

Cash-on-Cash

-0.16%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93