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The Onicx Group Secures $20.7 Million Refinance From Lake Michigan Credit Union For Miami Medical Office

Property Image
FINANCED
$20,700,000
Sabrina Solomiany
Mike Cerny
CM

Florida

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Medical Office104,238 SF
Financed 08/26/2024
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Property Image
FINANCED

The Onicx Group Secures $20.7 Million Refinance From Lake Michigan Credit Union For Miami Medical Office

3683 South Miami Avenue

See Similar Deals
Medical Office104,238 SF
Financed 08/26/2024
Sabrina Solomiany
Mike Cerny
CM
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Medical Office
Price Per Square Foot:$198
Total Square Footage:104,238 SF
Transaction Type:Loan

The Mercy Medical Arts building is a medical office asset located at 3683 South Miami Avenue in Miami, featuring a total square footage of 104,238 and occupying 31.7 acres. The property is currently 65% leased and was previously financed with a $20 million construction loan from Centennial Bank in 2015.

Summary of transaction details:

The Onicx Group successfully secured refinancing through Lake Michigan Credit Union, with representation from the Berkadia team, consisting of Chris Meyer, Mike Cerny, and Sabrina Solomiany, highlighting the collaborative efforts in facilitating this financial deal.

Players

Sabrina Solomiany
Berkadia
Sabrina Solomiany
9 deals$212.8M volume(404) 536-5054
BROKER
Mike Cerny
Berkadia
Mike Cerny
2 deals$36.8M volume(904) 296-7565
BROKER
CM
Berkadia
Christopher Meyer
1 deal$20.7M volume
BROKER
Lake Michigan Credit Union (LMCU)
Lake Michigan Credit Union (LMCU)
LENDER

Details

FINANCED
IMAGE: Chris Meyer, Sabrina Solomiany & Mike Cerny DATE: 08/26/2024 ADDRESS: 3683 South Miami Avenue MARKET: Miami ASSET TYPE: Medical Office ~ SF: 104,238 ~ ACRES: 31.7 LENDER: Lake Michigan Credit Union (@LakeMichigan_CU) LANDLORD: The Onicx Group BROKERS: Chris Meyer, Mike Cerny & Sabrina Solomiany - Berkadia (@Berkadia) LOAN AMOUNT: $20,700,000 LOAN TYPE: Refinance NOTE: The Onicx Group secured $20.7 million in refinancing from Lake Michigan Credit Union for the Mercy Medical Arts building in Miami, with Berkadia Medical & Life Sciences representing the borrower. The 104,238-square-foot medical office, located at 3683 S. Miami Ave., was 65% leased and previously financed with a $20 million construction loan from Centennial Bank in 2015.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$20,700,000.00

Monthly NOI$138,000.00
Monthly Debt Service$130,838.08
Change in Cash Flow$0.00
Refinance Proceeds$0.00