Sterling American Property's Richard Wilpon & Michael Katz Secure $97M Loan For Mixed-Use Property In Miami
FINANCED
$97,000,000
Florida
See Similar DealsMixed-use701,056 SF
Financed 01/06/2022
FINANCED
Sterling American Property's Richard Wilpon & Michael Katz Secure $97M Loan For Mixed-Use Property In Miami
125 Northeast 32nd Street, Miami, FL 33137
See Similar DealsMixed-use701,056 SF
Financed 01/06/2022
Summary
FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$138
Total Square Footage:701,056 SF
Transaction Type:Loan
Richard Wilpon & Michael Katz have secured a $97,000,000 loan from MetLife for the mixed-use property located at 125 NE 32nd Street in Miami. The property spans approximately 701,056 square feet and consists of 400 units, situated on a 1.9-acre plot.
Summary of transation details
- Property Type: Mixed-use
- Transaction Amount: $97,000,000
- Address: 125 NE 32nd Street
- Market: Miami
- Square Footage: 701,056
- Units: 400
- Acres: 1.9
Sterling American Property, represented by Richard Wilpon & Michael Katz, serves as the landlord for the property in question. This loan from MetLife will provide the necessary financial support for their venture.
Players
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$97,000,000.00
Monthly NOI$646,666.67
Monthly Debt Service$613,105.98
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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