David Martin Of Terra Secures $170 Million Construction Loan For Mixed-use Property In Miami
11897 Northwest 12th Street
$170,000,000
$244/SF
Building Size
696,000 SF
Asset Type
Mixed-use
Closing
Dec 13, 2024
AI
The asset involved in this transaction is a mixed-use property located at 11897 Northwest 12th Street in the Miami market. The property has a total square footage of 696,000. The loan amount for this construction financing is $170,000,000.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $170,000,000
- Address: 11897 Northwest 12th Street
- Market: Miami
- Lender: SCALE Lending
- Landlord: David Martin - Terra
- Brokers: Keith Kurland & Michael Diaz - Walker & Dunlop
- Loan Type: Construction
Key individuals involved in this transaction include David Martin who represents the landlord Terra. The brokers for this transaction are Keith Kurland and Michael Diaz from Walker & Dunlop, facilitating the financing process.
Players
Miami Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93