Turnberry Associates Obtains $55M Loan For Mixed-use Property In Miami Beach
FINANCED
$55,000,000
+ 1
Florida
See Similar DealsMixed-use185,388 SF
Financed 11/11/2021
FINANCED
Turnberry Associates Obtains $55M Loan For Mixed-use Property In Miami Beach
1698 Alton Rd, South Beach, Miami Beach, FL, USA
See Similar DealsMixed-use185,388 SF
Financed 11/11/2021
+ 1
Summary
FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$296
Total Square Footage:185,388 SF
Transaction Type:Loan
1698 Alton Rd, a mixed-use property with a total square footage of 185,388, located in Miami Beach's South Beach, has recently undergone a closed transaction. The deal involved multiple parties, including the landlord Turnberry Associates - Rock Soffer, Elion Partners & Privee Capital, and the lender Ladder Capital.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $55,000,000
- Market: Miami Beach, South Beach
- Address: 1698 Alton Rd
- Square Footage: 185,388
Dustin Stolly, Jordan Roeschlaub, Nick Scribani & Chris Kramer from Newmark represented the landlord and acted as brokers in the deal.
Players
BROKERAGE
LENDER
LANDLORD
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$55,000,000.00
Monthly NOI$366,666.67
Monthly Debt Service$347,637.41
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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