Updated Mar 11, 2025
Ocean Bank Provides $67M Construction Loan For Development Site In North Miami Beach
17990 Northeast 22nd Avenue, North Miami Beach, Florida 33180, United States
$67,000,000
$621/SF
Building Size
107,899 SF
Asset Type
Development Site
Closing
May 22, 2022
About this deal
AI
An investment property located at 17990 W Dixie Hwy in North Miami Beach has been acquired through a loan transaction. The property, classified as a Development Site, was the subject of a closed transaction mentioned on May 23, 2022. The loan, amounting to $67,000,000, was provided by Ocean Bank and falls under the category of Construction loans.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $67,000,000
- Lender: Ocean Bank
- Loan Type: Construction
Ocean Bank, a reputable financial institution, acted as the lender in this deal. They provided the required funding for the construction of the development site at 17990 W Dixie Hwy in North Miami Beach. The loan facilitated the acquisition and development of the property, allowing the project to proceed.
Players
North Miami Beach Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93