Newgard Development Group Refinances Mixed-Use Property In Brickell, Miami For $170M
99 Southwest 7th Street, Miami, Florida 33130, United States
$170,000,000
$6,782/SF
Building Size
25,063 SF
Asset Type
Development Site
Closing
Jun 26, 2022
AI
The transaction involves a mixed-use property located at 99 SW 7th St in Brickell, Miami. The property spans approximately 595,000 square feet.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $170,000,000
- Loan Type: Refinance
The lender for this transaction is 3650 REIT represented by Jonathan Roth. The landlord is Newgard Development Group represented by Harvey Hernandez. The broker involved in the deal is Faisal Ashraf from Lotus Capital Partners.
The financing package for this transaction is unique as it combines structural features of both an acquisition and a construction loan.
Players
Miami Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93