Updated Oct 29, 2024
Related Group And BH Group Acquire Condo Development Site At Diplomat Beach Resort For $30M
3451 S Ocean Dr Hollywood, FL 33019, USA
$30,000,000
Building Size
—
Asset Type
Development Site
Closing
Aug 11, 2023
About this deal
AI
Miami's Related Group and BH Group have acquired a condo development site at Hollywood's Diplomat Beach Resort for a sale price of $30 million. The property, located at 3451 South Ocean Drive, is a 3.5-acre development site. The plans for the site include a 37-story tower with 350 condos and amenities. Additionally, the buyers have another property at the resort under contract for a 42-story hotel.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $30,000,000
- Address: 3451 South Ocean Drive
- Market: Hollywood
- Acres: 3.5
The buyers of the property are Miami's Related Group, represented by Jorge, Jon Paul, and Nick Pérez, and BH Group, represented by Isaac and Liat Toledano. On the seller's side, Trinity Real Estate Investments and Credit Suisse Asset Management were involved in the deal. The brokers facilitating the transaction were Jaret Turkell and Omar Morales from Berkadia.
On the Map
$30,000,000
Development Site
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Players
Hollywood 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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93