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Blackstone Provides $224M Loan For Mixed-Use Development On Biscayne Boulevard, Miami

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FINANCED
$224,000,000

Florida

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Mixed-use
Financed 04/01/2022
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FINANCED

Blackstone Provides $224M Loan For Mixed-Use Development On Biscayne Boulevard, Miami

2900 Biscayne Boulevard, Miami, Florida 33137, United States

See Similar Deals
Mixed-use
Financed 04/01/2022
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Summary

FLORIDA
Asset Type:Mixed-use
Transaction Type:Loan

Located at 2900 Biscayne Boulevard in Miami, this mixed-use development has recently undergone a closed transaction. The property, owned by Crescent Heights represented by Sonny Kahn, Russell Galbut, and Bruce Menin, caught the attention of lender blackstone''>Blackstone, who provided a loan amount of $224,000,000.

Summary of transaction details

  • Property Type: Mixed-use Development
  • Transaction Amount: $224,000,000
  • Market: Miami
  • Address: 2900 Biscayne Boulevard

The key individuals and companies involved in this deal include Crescent Heights, represented by Sonny Kahn, Russell Galbut, and Bruce Menin, as the property owners. On the other side, Blackstone takes the role of the lender, providing the significant loan amount. The transaction highlights the trust placed in this property's potential.

Players

LENDER

20 deals$1.1B volume
LANDLORD

Sonny Kahn
8 deals$1B volume
LANDLORD

6 deals$659.4M volume
LANDLORD

Details

FINANCED
IMAGE: Bruce Menin, Russell Galbut & Sonny Kahn DATE: 04/01/2022 ADDRESS: 2900 Biscayne Boulevard MARKET: Miami ASSET TYPE: Mixed-use Development LENDER: Blackstone (@Blackstone) LANDLORD: Crescent Heights - Sonny Kahn, Russell Galbut (@RussellGalbut) & Bruce Menin LOAN AMOUNT: $224,000,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$224,000,000.00

Monthly NOI$1,493,333.33
Monthly Debt Service$1,415,832.37
Change in Cash Flow$0.00
Refinance Proceeds$0.00