Updated Dec 10, 2024
Louis Birdman Kevin Venger Michael Konig Acquire 1.6 Acre Development Site In Miami For $53M
3601 Biscayne Boulevard, 345 Northeast 36th Street & 409 Northeast 36th Street
$53,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 10, 2024
About this deal
AI
A 1.6-acre development site located at 3601 Biscayne Boulevard, 345 & 409 Northeast 36th Street in Miami has been sold for $53 million. This site is part of Miami's Edgewater market and will be developed into a mixed-use project known as Tower 36. The project will include commercial and retail spaces, a residential component with amenities, a private members’ club, food and beverage options, and a rooftop helipad and lounge, designed by KPF Architects.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $53,000,000
- Buyer: Louis Birdman, Kevin Venger & Michael Konig - One Thousand Group
- Seller: Maximo Alvarez - Sunshine Dade Investments
- Broker: Michael Hinton - APEX Capital Realty
- Lender: Cirrus Real Estate Partners
This transaction marks One Thousand Group's third project in the Edgewater area, showcasing their continued investment in Miami's real estate development. The firm aims to enhance the local urban landscape through this new project, furthering their portfolio in the vibrant Miami market.
On the Map
$53,000,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93