Updated Feb 28, 2025
Longpoint Partners Secures $94M Construction Loan For 25 Warehouse Portfolio In Miami-Dade And Broward Counties
400 Goolsby Boulevard
$94,000,000
Building Size
—
Asset Type
Industrial
Closing
Dec 22, 2023
About this deal
AI
Longpoint Partners, a Boston-based private equity firm, has obtained a $94 million construction loan from Athene Annuity and Life Company. This loan follows Longpoint Partners' acquisition of 25 warehouse buildings in Miami-Dade and Broward counties for a total of at least $254 million. The portfolio of industrial properties, spanning 1.39 million square feet, enhances Longpoint's presence in South Florida's robust industrial market.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: $94,000,000
- Lender: Joseph Cohen - Athene Annuity and Life Company
- Landlord: Dwight Y. Angelini - Longpoint Partners
Longpoint Partners' success in securing this substantial construction loan demonstrates their confidence in the industrial market in Miami-Dade and Broward counties. The strong financial backing of Athene Annuity and Life Company will support Longpoint Partners' plans for these warehouse buildings, allowing for renovations, improvements, and new developments that will further enhance the value of the properties.
On the Map
$94,000,000
Industrial
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Players
Deerfield Beach Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93