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Pacific Western Bank & Square Mile Capital Provide $142.3M Loan For Mixed-Use Property In Wynwood, Miami

Property Image
FINANCED
$142,300,000
Andrew Warman

Florida

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Mixed-use50,210 SF
Financed
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Property Image
FINANCED

Pacific Western Bank & Square Mile Capital Provide $142.3M Loan For Mixed-Use Property In Wynwood, Miami

2431 Northwest 2nd Avenue, Miami, FL, USA

See Similar Deals
Mixed-use50,210 SF
Financed
Andrew Warman
Contact now

Summary

FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$2834
Total Square Footage:50210 SF
Transaction Type:Loan

A mixed-use property located at 2431 Northwest Second Avenue in Wynwood, Miami, has recently been involved in a closed transaction. The property, consisting of 318 apartments and a commercial space covering 50,210 square feet, has garnered attention in the market.

Summary of transaction details

Playing crucial roles in this transaction were the lender, Pacific Western Bank & Square Mile Capital, and the landlord, PMG represented by Ryan Shear and Greybrook Realty Partners. The deal was facilitated by brokers Andrew Warman, Lowell Plotkin, and Jonathan Blank, all from PMG.

Players

6 deals$1.1B volume
BROKER


Lowell Plotkin
2 deals$303.8M volume
BROKER

Square Mile Capital
LENDER


Details

FINANCED
IMAGE: Lowell Plotkin, Ryan Shear & Andrew Warman DATE: 08/20/2021 ADDRESS: 2431 Northwest Second Avenue MARKET: Wynwood, Miami ASSET TYPE: Mixed-use LENDER: Pacific Western Bank & Square Mile Capital LANDLORD: PMG - Ryan Shear; Greybrook Realty Partners BROKERS: Andrew Warman, Lowell Plotkin & Jonathan Blank - PMG LOAN AMOUNT: $142,300,000 UNITS: 318 (Apartments) SF: 50,210 (Commercial Space)

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$142,300,000.00

Monthly NOI$948,666.67
Monthly Debt Service$899,432.80
Change in Cash Flow$0.00
Refinance Proceeds$0.00