Fort Partners Acquires Development Site In Surfside For $41.5M
SOLD
$41,500,000
Florida
See Similar DealsDevelopment Site
Sold 01/25/2023
SOLD
Fort Partners Acquires Development Site In Surfside For $41.5M
9163 Collins Avenue
See Similar DealsDevelopment Site
Sold 01/25/2023
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Sale
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.
Players
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,213,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$147,440.74
Cash-on-Cash Return-1.27%
Monthly Debt Service$196,731.17
Annual Debt Service$2,360,774.07
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