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Diego Ojeda's Rilea Group Acquires 0.7-Acre Miami Development Site From John Bogdasarian

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SOLD
$21,000,000

Florida

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Development Site
Sold 06/28/2024
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SOLD

Diego Ojeda's Rilea Group Acquires 0.7-Acre Miami Development Site From John Bogdasarian

94 Northeast 29th Street

See Similar Deals
Development Site
Sold 06/28/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Sale

The development site located at 94 Northeast 29th Street in Miami has been sold for $21 million. The 0.7-acre property was acquired by Diego Ojeda of the Rilea Group from John Bogdasarian of Promanas. The sale includes plans for a 12-story development featuring 146 furnished units with prices ranging from $600,000s, set to be completed by late 2026.

Summary of transation details:

Miami-based developer Diego Ojeda of the Rilea Group purchased the property from John Bogdasarian of Promanas, securing an acquisition loan from Altamar Financial Group. The transaction involves plans for a 12-story development set to commence later this year, featuring 146 units with prices starting in the $600,000s.

Players

Altamar Financial Group
Altamar Financial Group
LENDER

Details

SOLD
IMAGE: John Bogdasarian & Diego Ojeda DATE: 06/28/2024 ADDRESS: 94 Northeast 29th Street MARKET: Miami ASSET TYPE: Development Site ~ ACRES: 0.7 BUYER: Diego Ojeda - Rilea Group SELLER: John Bogdasarian - Promanas LENDER: Altamar Financial Group SALE PRICE: $21,000,000 NOTE: Miami-based developer Rilea Group has purchased a 0.7-acre site at 94 NE 29th Street in Wynwood for $21 million, buying out its partner, Michigan-based Promanas, three months after launching sales for The Rider condo project. Altamar Financial Group provided an $11.5 million acquisition loan for the site, where Rilea plans to construct a 12-story development featuring 146 furnished units ranging from 511 to 1,612 square feet, with prices starting in the $600,000s. Construction is set to commence later this year, with completion expected by late 2026.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,120,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$74,608.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$99,550.71
Annual Debt Service$1,194,608.56