The Horizon Group Secures $48M Construction Loan From Bank Hapoalim For Residences At Nomi
950 Northeast 124th Street
$48,000,000
Building Size
—
Asset Type
Development Site
Closing
Nov 5, 2023
AI
The Horizon Group, led by David Marom, has secured a $48 million construction loan from Bank Hapoalim for their mixed-use project, Residences at Nomi, located at 950 Northeast 124th Street in North Miami. The development, which commenced construction in June, features 175 units, an assisted living facility, a six-story mall, and a three-story parking garage. This marks The Horizon Group's second project in South Florida.
Summary of transaction details:
- Property Type: Development Site
- Loan Amount: $48,000,000
- Lender: Bank Hapoalim
- Landlord: The Horizon Group - David Marom
- Market: North Miami
Bank Hapoalim has provided the $48 million construction loan for The Horizon Group's Residences at Nomi project. They are collaborating with David Marom and his team to bring this mixed-use development to fruition. With 175 residential units, an assisted living facility, a six-story mall, and a three-story parking garage, this project demonstrates The Horizon Group's commitment to expanding their presence in the South Florida market.
Players
North Miami 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
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93