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9317 Collins Avenue

Marcelo Kingston's Multiplan Real Estate Asset Management Acquires Development Site In Surfside For $64M
SOLDDevelopment Site

Marcelo Kingston's Multiplan Real Estate Asset Management Acquires Development Site In Surfside For $64M

9317 Collins Avenue & 9317 Collins Avenue

$64,000,000

Building Size

Asset Type

Development Site

Closing

Jan 17, 2024

AI

A development site located at 9309-9317 Collins Avenue in Surfside has been sold for a price of $64,000,000. The property encompasses a significant amount of land suitable for development purposes.

Summary of transation details

  • Property Type: Development Site
  • Transaction Amount: $64,000,000
  • Address: 9309-9317 Collins Avenue, Surfside
  • Market: Surfside

The buyer of the development site is Marcelo Kingston, who represents Multiplan Real Estate Asset Management (MREAM). The seller is Vivian Dimond. The transaction was facilitated by Philip Gutman from Pgutman LLC, who represented the parties involved in the deal.

Players

Philip Gutman

Pgutman

Broker

$105M

vol

3 deals

Broker
Marcelo Kingston

Marcelo Kingston

Multiplan Real Estate Asset Management

Buyer

$176.3M

vol

4 deals

Buyer

Surfside 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

0.25%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93