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.
On the Map
$74,000,000
Development Site
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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