Sterling American Property's Richard Wilpon & Michael Katz Secure $97M Loan For Mixed-Use Property In Miami
125 Northeast 32nd Street, Miami, FL 33137
$97,000,000
$138/SF
Building Size
701,056 SF
Asset Type
Mixed-use
Closing
Jan 6, 2022
About this deal
AI
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.
On the Map
$97,000,000
$138/SF
Mixed-use
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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
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93