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Vertix Group Provides $11.55M Bridge Loan For Wynwood Land Deal

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FINANCED
$11,550,000

Florida

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Land
Financed 06/27/2024
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FINANCED

Vertix Group Provides $11.55M Bridge Loan For Wynwood Land Deal

100 Northeast 29th Street & 94 Northeast 29th Street

See Similar Deals
Land
Financed 06/27/2024
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Summary

FLORIDA
Asset Type:Land
Transaction Type:Loan

The property involved in the transaction is a Land located at 100 Northeast 29th Street & 94 Northeast 29th Street in Wynwood. The total buildable square footage for the land is 144,302, and the transaction involved a Bridge Loan amounting to $11,550,000.

Summary of transaction details:

  • Property Type: Land
  • Transaction Amount: $11,550,000
  • Address: 100 Northeast 29th Street & 94 Northeast 29th Street
  • Market: Wynwood
  • Lender: Vertix Group - Albert Arisso and Frank Hermosa
  • Landlord: Diego Ojeda - Wynwood Rider
  • Brokers: Javier Herrera & Nick Sumpter - Franklin Street

The individuals and companies involved in the deal include Diego Ojeda as the landlord under Wynwood Rider. The lender for the transaction was Vertix Group represented by Albert Arisso and Frank Hermosa. The brokers facilitating the deal were Javier Herrera and Nick Sumpter from Franklin Street.

Players

Javier Herrera
9 deals$389.4M volume(305) 733-1944
BROKER

Nick Sumpter
Franklin Street
6 deals$59.4M volume(813) 682-6193
BROKER

Vertix Group
LENDER

Details

FINANCED
IMAGE: Diego Ojeda, Frank Hermosa, Javier Herrera, Albert Arisso & Nick Sumpter DATE: 06/27/2024 ADDRESS: 100 Northeast 29th Street & 94 Northeast 29th Street MARKET: Wynwood ASSET TYPE: Land ~ BSF: 144,302 LENDER: Vertix Group - Albert Arisso and Frank Hermosa. LANDLORD: Diego Ojeda - Wynwood Rider BROKERS: Javier Herrera & Nick Sumpter (@NSumpter9) - Franklin Street (@FranklinStreet.CRE) LOAN AMOUNT: $11,550,000 LOAN TYPE: Bridge Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$11,550,000.00

Monthly NOI$77,000.00
Monthly Debt Service$73,003.86
Change in Cash Flow$0.00
Refinance Proceeds$0.00