facebook


Go Pro
+ Submit+ Submit a Deal
Home

/

Deals

/

Florida

/

Development Site

/

Sale

/

1050 NW 14th St Miami, FL 3...

Updated Mar 11, 2025

SOLDDevelopment Site

Congress Group And Peakhill Equity Acquire Development Site In Miami's Health District For $16M

1050 NW 14th St Miami, FL 33136, USA

$16,000,000

Units

380

Asset Type

Development Site

Closing

Jul 10, 2023

About this deal

AI

On July 10, 2023, a development site located at 1050 Northwest 14th Street in Miami was sold. The property spans 0.85 acres and was acquired for a sale price of $16,000,000.

Summary of Transaction Details

  • Property Type: Development Site
  • Transaction Amount: $16,000,000
  • Market: Miami
  • Buyer: Congress Group - Dean Stratouly; Peakhill Equity - Jonah Belkin & Harley Gold
  • Seller: Taurus Investment Holdings - Peter Merrigan
  • Lender: LV Lending

Congress Group, in partnership with Peakhill Equity TS, plans to repurpose the triangular parking lot adjacent to the Shops at Civica in Miami's Health District. Instead of constructing medical offices as initially planned, the firms intend to build a 27-story apartment tower. The development will feature a 380-unit complex and is expected to commence construction in the first quarter. The decision to shift from office spaces to residential units was influenced by the current weak office market. The project is projected for completion in 2027.

On the Map

Open live map

$16,000,000

Development Site

View full map

Players

LV Lending
LV LendingBrokerage

Peter A. Merrigan

Taurus Investment Holdings

Seller

$1.2B

vol

14 deals

Seller
LV Lending
LV LendingLender
Bilt advertisement

Miami Development Site Market Snapshot

Boundary boundary · Development Site · Sale transactions

Loading comparables…

Deal FAQ

Visit Peter A. Merrigan to view all their deals.

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.99%

Cash-on-Cash

-0.28%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

More Deals

Nearby Markets