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Edgardo Defortuna Of Fortune International Group Purchases Development Site For $37.5M In Coral Gables
SOLD
$37,500,000
Florida
See Similar DealsDevelopment Site80,466 SF
Sold 06/06/2025
SOLD
Edgardo Defortuna Of Fortune International Group Purchases Development Site For $37.5M In Coral Gables
6100 Caballero Boulevard
See Similar DealsDevelopment Site80,466 SF
Sold 06/06/2025
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$466
Total Square Footage:80,466 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,999,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$133,229.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$177,769.13
Annual Debt Service$2,133,229.58
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