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
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