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950 Northeast 124th Street

The Horizon Group Secures $48M Construction Loan From Bank Hapoalim For Residences At Nomi
FINANCEDDevelopment Site

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

Bank Hapoalim (BHI)
Bank Hapoalim (BHI)Lender

David Marom

Horizon Group

Landlord

$129.6M

vol

8 deals

Landlord

North 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

0.33%

Cash-on-Cash

-0.09%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93