Updated Mar 11, 2025
Ocean Bank Provides $55.2M Construction Financing For Miami Multifamily Project
10216 Southwest 184th Street, Miami, Florida 33157, United States
$55,230,000
Units
269
Asset Type
MultiFamily
Closing
May 19, 2022
About this deal
AI
In Miami, a multifamily property with 269 units spanning 2.44 acres has been involved in a closed transaction. The property, located at 10216 Eureka Drive/S.W. 184th St & 18422 Homestead Ave, was the subject of a loan for construction financing.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $55,230,000
- Lender: Ocean Bank
- Loan Type: Construction Financing
Ocean Bank provided a loan amount of $55,230,000 to fund the construction of this multifamily property. The deal was successfully closed, enabling the development and completion of the project.
Players
Perrine MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93