Normandy Opportunity Zone Fund LP Acquires Development Sites In Somerville, MA For $48M
Southwest 64th Street & Southwest 68th Court, South Miami, FL, USA
$48,000,000
$918/SF
Building Size
52,272 SF
Asset Type
Development Site
Closing
Nov 1, 2020
AI
The development sites located at 64 & 68 Webster Avenue, 495, 497, 513, & 517 Columbia Street, 6 Beach Avenue & 481 Columbia Street in Somerville, MA have been sold. The transaction took place on 11/02/2020 and the sale was facilitated by JLL Capital Markets.
Summary of transaction details
- Property Type: Development Sites
- Transaction Amount: $48,000,000
The buyer of the development sites was Normandy Opportunity Zone Fund LP. The brokers involved in the deal were Matthew Sherry, Michael Restivo, Anthony Cutone, and Henry Schaffer from JLL Capital Markets.
The total square footage of the development sites is 52,272, with a price per square foot of $918.
Players
Miami 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
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93