Terranova Corp Refinances Coral Gables Office & Retail Properties For $55M With City National Bank
FINANCED
$55,000,000
Florida
See Similar DealsMixed-use
Financed 11/29/2021
FINANCED
Terranova Corp Refinances Coral Gables Office & Retail Properties For $55M With City National Bank
300 Miracle Mile, Coral Gables, FL 33134, USA
See Similar DealsMixed-use
Financed 11/29/2021
Summary
FLORIDA
Asset Type:Mixed-use
Transaction Type:Loan
The recent closed property transaction in Coral Gables involved three properties located at 220 Miracle Mile, 300 Miracle Mile, and 253 Miracle Mile. The assets consist of office and retail spaces in the vibrant market of Coral Gables.
Summary of transaction details
- Property Type: Office & Retail
- Transaction Amount: $55,000,000
- Address: 220 Miracle Mile, 300 Miracle Mile & 253 Miracle Mile
- Market: Coral Gables
The loan for this transaction was obtained from City National Bank, with a loan amount of $55,000,000. The loan type was a refinance. Terranova Corp, represented by Stephen Bittel, acted as the landlord for these properties.
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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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