Updated Oct 29, 2024
Fort Partners Acquires Development Site In Surfside For $41.5M
9163 Collins Avenue
$41,500,000
Building Size
—
Asset Type
Development Site
Closing
Jan 25, 2023
About this deal
AI
Fort Partners, led by Nadim Ashi, has acquired a development site in Surfside, located at 9163-9165 Collins Avenue. The property spans approximately 0.54 acres, making it an attractive investment opportunity. The sale took place on January 25, 2023, with a sale price of $41,500,000. The seller, Wexford Real Estate Investors, completed the transaction with Fort Partners.
Summary of Transaction Details:
- Property Type: Development Site
- Transaction Amount: $41,500,000
- Address: 9163-9165 Collins Avenue, Surfside
- Market: Surfside
- Asset Type: Development Site
- Acres: 0.54
The buyer, Fort Partners, is represented by Nadim Ashi. The acquisition was facilitated by the seller's representative, Wexford Real Estate Investors. Madison Realty Capital served as the lender for this transaction, providing the necessary financing for the purchase.
On the Map
$41,500,000
Development Site
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Players
Surfside Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93