Updated Dec 21, 2023
NewmarkKf Brokers Secure $44.3M Loan For Industrial Assets In Wynwood And Fort Lauderdale
490 Northwest 36th Street, Wynwood, Miami, FL, USA
$44,300,000
$186/SF
Building Size
237,044 SF
Asset Type
Industrial
Closing
Mar 10, 2020
About this deal
AI
An industrial property located at 490 Northwest 36th Street, 1100 Northeast 79th Street, and 812 Northwest 1st Street in the markets of Wynwood and Fort Lauderdale has been sold in a recent transaction. The property consists of 1,836 units with a total square footage of 237,044. The sale was facilitated by brokers Dustin Stolly, Jordan Roeschlaub, Chris Kramer, and Nick Scribani from Newmark Knight Frank.
Summary of transaction details:
- Property Type: Industrial
- Sale Date: 03/11/2020
- Address: 490 Northwest 36th Street, 1100 Northeast 79th Street, 812 Northwest 1st Street
- Market: Wynwood, Fort Lauderdale
- Brokers: Dustin Stolly, Jordan Roeschlaub, Chris Kramer, and Nick Scribani from Newmark Knight Frank
The deal involved a loan amount of $44,300,000 provided by Värde Partners. The loan terms are set for a duration of 5 years. The property was owned by (MCSS) Rivergate Companies and SJM Partners, represented by Jay Massirman, Steve Garchik, and Steve McBride.
Players
Miami Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93