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Altamar Financial Group Funds $11.55M Bridge Loan For Miami Development Site

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FINANCED
$11,550,000

Florida

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Development Site31,358 SF
Financed 06/21/2024
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Property Image
FINANCED

Altamar Financial Group Funds $11.55M Bridge Loan For Miami Development Site

94 Northeast 29th Street

See Similar Deals
Development Site31,358 SF
Financed 06/21/2024
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$368
Total Square Footage:31,358 SF
Transaction Type:Loan

The development site located at 94 Northeast 29th Street in Miami's Wynwood neighborhood spans 31,358 square feet with a building square footage of 133,085. The property was secured with a $11,550,000 bridge loan from Altamar Financial Group. Diego Ojeda from Rilea Group and Cipres serves as the landlord for this asset, with the deal facilitated by brokers Javier Herrera and Nick Sumpter from Franklin Street.

Summary of transaction details:

The deal was successfully arranged with the noteworthy collaboration of Diego Ojeda, the landlord representing the Rilea Group and Cipres. Facilitating the transaction were brokers Javier Herrera and Nick Sumpter from Franklin Street, who played integral roles in the execution of the $11,550,000 bridge loan through Altamar Financial Group.

Players

Javier Herrera
9 deals$389.4M volume(305) 733-1944
BROKER

Nick Sumpter
Franklin Street
6 deals$59.4M volume(813) 682-6193
BROKER

Altamar Financial Group
LENDER

Details

FINANCED
IMAGE: Diego Ojeda, Javier Herrera & Nick Sumpter DATE: 06/21/2024 ADDRESS: 94 Northeast 29th Street MARKET: Miami - Wynwood ASSET TYPE: Development Site ~ BSF: 133,085 ~ SF: 31,358 LENDER: Altamar Financial Group LANDLORD: Diego Ojeda - Rilea Group; Cipres (@TheRiderResidences) BROKERS: Javier Herrera & Nick Sumpter - Franklin Street (@FranklinStreet.CRE) LOAN AMOUNT: $11,550,000 LOAN TYPE: Bridge Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$11,550,000.00

Monthly NOI$77,000.00
Monthly Debt Service$73,003.86
Change in Cash Flow$0.00
Refinance Proceeds$0.00