Amerant Bank And Bank Hapoalim Provide $125 Million Loan For Miami Development Site
93 Northeast 36th Street
$125,000,000
Building Size
—
Asset Type
Development Site
Closing
Jun 17, 2025
AI
A construction loan of $125,000,000 has been arranged for the development site located at 91-93 Northeast 36th Street in Miami, which will host "Cassi," a 107-unit, 20-story mixed-use project in Miami’s Design District.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $125,000,000
- Lender: Amerant Bank & Adrian Rahimi - Bank Hapoalim (BHI)
- Landlord: Craig Robins - Miami Design District Associates; Randall Wertheimer - Hunter Pasteur; The Forbes Company
- Brokers: Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Jordan Casella & Michael Stepniewski - Walker & Dunlop
- Legal Counsel: Bilzin Sumberg and Greenspoon Marder
The joint venture behind the development comprises Miami Design District Associates, Hunter Pasteur, and The Forbes Company, highlighting the collaboration among seasoned entities in the market to bring this project to fruition.
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
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93