Edgardo Defortuna Of Fortune International Group Purchases Development Site For $37.5M In Coral Gables
6100 Caballero Boulevard
$37,500,000
$466/SF
Building Size
80,466 SF
Asset Type
Development Site
Closing
Jun 6, 2025
AI
A 4.8-acre development site located at 6100 Caballero Boulevard in Coral Gables has been sold for $37,500,000. The property includes a total square footage of 80,466 and a price per square foot of $466. The site, which is in proximity to the University of Miami, currently has a 1952 office/residential building on it.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $37,500,000
- Buyer: Edgardo Defortuna - Fortune International Group
- Seller: Eduardo Mendez - Gables Waterway Property LLC
- Lender: City National Bank of Florida
- Loan Amount: $19,130,000
- Future Plans: 251-unit luxury condo project
Edgardo Defortuna represented Fortune International Group in this transaction, while Eduardo Mendez was involved as the seller through Gables Waterway Property LLC. The financing for the purchase was secured through a loan from City National Bank of Florida.
Players
Coral Gables 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
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93