Habitat Group Secures $24M Loan For West Brickell Hotel With Lender, Ocean Bank
239 Southwest 9th Street
$24,000,000
$2,000/SF
Building Size
12,000 SF
Asset Type
Hotel
Closing
Nov 14, 2019
About this deal
AI
The property involved in this closed transaction is a hotel located at 239 Southwest 9th St in the West Brickell market. The property has a total of 300 units and spans across 12,000 square feet.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $24,000,000
- Lender: Ocean Bank
- Landlord: Habitat Group - Santiago Vanegas
- Brokers: Cervera Real Estate
Habitat Group, represented by Santiago Vanegas, acted as the landlord in this transaction. The loan for the property was provided by Ocean Bank. Cervera Real Estate served as the brokers.
On the Map
$24,000,000
$2,000/SF
Hotel
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Players
Miami Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93