New York Life Provides $81M Construction Loan For Mixed-Use Property In Hialeah
FINANCED
$81,000,000
Florida
See Similar DealsMixed-use190,000 SF
Financed 05/09/2022
FINANCED
New York Life Provides $81M Construction Loan For Mixed-Use Property In Hialeah
9715 Northwest 138th Street, Hialeah, Florida 33018, United States
See Similar DealsMixed-use190,000 SF
Financed 05/09/2022
Summary
FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$426
Total Square Footage:190,000 SF
Transaction Type:Loan
A mixed-use property located at 9715 NW 138th St in Hialeah has been involved in a closed transaction. The property consists of 244 units and spans across 190,000 square feet. The deal was finalized on 05/09/2022.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $81,000,000
- Address: 9715 NW 138th St
- Market: Hialeah
- Units: 244
- Square Footage: 190,000
The loan for this transaction was provided by New York Life Insurance Company. The loan amount is $81,000,000, and it is a construction loan with interest-only terms for 3 years. After the construction phase, the loan will convert into a 27-year self-amortizing loan. The landlord of the property is Dacar Management, represented by Alberto Micha. The brokers involved in the deal were Jason Shapiro, Sean Harrington, and Joel Zusman from Aztec Group, Inc.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$81,000,000.00
Monthly NOI$540,000.00
Monthly Debt Service$511,975.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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