Updated Aug 27, 2026
Citadel Care Centers Secures $50.9 Million Construction Loan From PNC Bank For New Facility
1800 Northeast 167th Street
$50,900,000
Building Size
—
Asset Type
Development Site
Closing
Aug 26, 2026
About this deal
AI
The property involved is a development site located at 1875 and 1800 Northeast 167th Street in North Miami Beach, FL. This site spans 3.2 acres and is designated for the construction of a new skilled nursing facility. The loan amount secured for this development is $50,900,000, which is classified as a construction loan.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $50,900,000
- Lender: William Demchak - PNC Bank
- Landlord: Leo Friedman - Citadel Care Centers
- Loan Type: Construction
William Demchak, representing PNC Bank, played a crucial role in facilitating the financial support for this project. Leo Friedman, as the landlord, represents Citadel Care Centers, which is the entity benefiting from the construction loan aimed at developing a state-of-the-art facility.
Players
North East Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93