Ocean Bank Provides $48M Refinancing Loan For Mixed-Use Property In Miami
1800 Southwest 1st Avenue
$48,000,000
$195/SF
Building Size
245,971 SF
Asset Type
Mixed-use
Closing
Dec 1, 2022
About this deal
AI
The mixed-use property located at 1800 SW 1st Ave in Miami has been involved in a recent closed transaction. The property spans an area of 245,971 square feet and includes both residential and commercial spaces.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $48,000,000
- Lender: Ocean Bank
- Landlord: Melo Group
- Broker: Peter Mekras - Aztec Group
The loan provided for this transaction amounted to $48,000,000 and served as a refinancing loan. Ocean Bank acted as the lender in this deal. The Melo Group served as the landlord for the property, while the broker representing the transaction was Peter Mekras from Aztec Group.
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
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93