Updated Jan 2, 2025
Jonathan Landau Of Landau Properties Secures $74M Loan From 3650 Capital For Development Site
9551 East Bay Harbor Drive
$74,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 17, 2024
About this deal
AI
The development site located at 9551 East Bay Harbor Drive in the Bay Harbor Islands market has a buildable square footage of 126,000. A construction loan in the amount of $74,000,000 was secured for the development of this property.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $74,000,000
- Lender: 3650 Capital
- Lender's Representative: Michael Fleischer
- Landlord: Laura & Irwin Tauber - Taubco
- Additional Landlord: Jonathan Landau - Landau Properties
- Debt Brokers: Estreich and Co
- Broker Representatives: Andrew Trench, Brian Gale & Edward Quinon - Cushman & Wakefield
Laura and Irwin Tauber partnered with Jonathan Landau to secure the financing for this project, showcasing collaboration among significant stakeholders in the development process.
Players
Bay Harbor Islands 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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93