BB&T Bank Provides $62.7M Loan For Mixed-Use Property In Miami's Arts & Entertainment District
1502 Northeast Miami Place, Miami, FL 33132
$62,700,000
$8,957/SF
Building Size
7,000 SF
Asset Type
Mixed-use
Closing
Apr 2, 2019
About this deal
AI
Located in Miami’s Arts & Entertainment District, the mixed-use property at 1502 Northeast Miami Pl has recently undergone a closed transaction. The property boasts a total of 437 units and spans over 7,000 square feet. This transaction involved a loan from BB&T Bank totalling $62,700,000, indicating a significant investment in the property.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $62,700,000
- Units: 437
- Square Footage: 7,000
- Address: 1502 Northeast Miami Pl
- Market: Miami’s Arts & Entertainment District
- City: Miami
Throughout this transaction, the Melo Group acted as the landlord. Carlos Melo and Martin Melo were involved in the deal, representing the Melo Group. Their expertise and involvement in the Miami real estate market add credibility to the transaction. BB&T Bank provided the loan for the property, highlighting the bank's willingness to invest in high-value real estate ventures.
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
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93