BB&T Bank Provides $62.7M Loan For Mixed-Use Property In Miami's Arts & Entertainment District
FINANCED
$62,700,000
Florida
See Similar DealsMixed-use7,000 SF
Financed 04/03/2019
FINANCED
BB&T Bank Provides $62.7M Loan For Mixed-Use Property In Miami's Arts & Entertainment District
1502 Northeast Miami Place, Miami, FL 33132
See Similar DealsMixed-use7,000 SF
Financed 04/03/2019
Summary
FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$8,957
Total Square Footage:7,000 SF
Transaction Type:Loan
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.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$62,700,000.00
Monthly NOI$418,000.00
Monthly Debt Service$396,306.65
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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