Madison Realty Capital Provides $310M Construction Loan For Miami River Development
Southwest 7th Street, Downtown Miami, Miami, FL, USA
$310,000,000
Units
632
Asset Type
Mixed-use
Closing
Nov 2, 2021
About this deal
AI
The recent closed transaction in Brickell, Miami involved a mixed-use property located at the NEQ of SW 7th Street & SW 3rd Avenue. The property spans across 6.2 acres and is considered a valuable asset in the market.
Summary of transation details
- Property Type: Mixed-Use
- Transaction Date: 11/02/2021
- Property Address: NEQ SW 7th Street & SW 3rd Avenue
- Market: Brickell, Miami
- Landlord: The Chetrit Group
- Lender: Madison Realty Capital - Josh Zegen
- Broker: Henry Bodek - Galaxy Capital
- Loan Amount: $310,000,000
- Loan Type: Construction Loan
Madison Realty Capital provided a substantial loan of $310,000,000 for the transaction. The loan will be utilized for the construction of Phase I of Miami River, which will feature a 54-story, 632-unit mixed-use tower. Additionally, the loan will also support Phase II, which consists of a two-building three-story development. This phase will encompass 24,000 square feet of commercial space, a publicly accessible esplanade, and a river walk along the Miami River, creating a connection between downtown Brickell and Jose Marti Park.
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
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93