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Kevin P. Maloney And Elias Vamvakas Secure $178M Refinance Loan For Society Wynwood Apartments

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FINANCED
$178,000,000

Florida

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Mixed-use
Financed 08/19/2024
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Property Image
FINANCED

Kevin P. Maloney And Elias Vamvakas Secure $178M Refinance Loan For Society Wynwood Apartments

176 Northwest 25th Street

See Similar Deals
Mixed-use
Financed 08/19/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Mixed-use
Transaction Type:Loan

The property asset involved is a mixed-use development located at 176 Northwest 25th Street in Miami, comprising 318 rental units. The development features rents ranging from $1,880 to $5,970 and includes ground-floor retail space occupied by notable tenants like Starbucks and Nacho Daddy.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $178,000,000
  • Lender: Ares Management & Monarch Alternative Capital
  • Landlord: Kevin P. Maloney - Property Markets Group
  • Landlord: Elias Vamvakas - Greybrook
  • Loan Type: Refinance
  • Units: 318

Kevin P. Maloney and Elias Vamvakas were instrumental in securing the refinancing loan for Society Wynwood apartments, which aims to stabilize the property. The development spans a city block and opened in March.

Players

Ares Management
Ares Management
LENDER
Monarch Alternative Capital
Monarch Alternative Capital
LENDER

Details

FINANCED
IMAGE: Kevin P. Maloney & Elias Vamvakas DATE: 08/19/2024 ADDRESS: 176 Northwest 25th Street MARKET: Miami ASSET TYPE: Mixed-use ~ UNITS: 318 LENDER: Ares Management & Monarch Alternative Capital LANDLORD: Kevin P. Maloney - Property Markets Group (@PMGDevelopment) ; Elias Vamvakas - Greybrook (@Greybrook) LOAN AMOUNT: $178,000,000 LOAN TYPE: Refinance NOTE: Property Markets Group and Greybrook secured a $178M refinancing loan for Society Wynwood apartments, aiming to stabilize the 318-unit property. Opened in March, the development spans a city block and features rents from $1,880 to $5,970, with ground-floor retail space hosting notable tenants like Starbucks and Nacho Daddy.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$178,000,000.00

Monthly NOI$1,186,666.67
Monthly Debt Service$1,125,081.08
Change in Cash Flow$0.00
Refinance Proceeds$0.00