Shoma Group Secures $17.6M Loan For Miami Beach Multifamily With Lender Acres Capital Corp
FINANCED
$17,600,000
Florida
See Similar DealsMultiFamily5,455 SF
Financed 03/26/2020
FINANCED
Shoma Group Secures $17.6M Loan For Miami Beach Multifamily With Lender Acres Capital Corp
1030 15th Street, Miami Beach, FL, USA
See Similar DealsMultiFamily5,455 SF
Financed 03/26/2020
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$3,226
Total Square Footage:5,455 SF
Transaction Type:Loan
Acres Capital Corp recently provided a loan of $17,600,000 for the multifamily property located at 1030 15th Street in Miami Beach. The property consists of 43 units and is owned by Shoma Group, led by Masoud Shojaee. The loan was facilitated by Michael Horowitz from Cooper Horowitz.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $17,600,000
- Address: 1030 15th Street
- Market: Miami Beach
- Lender: Acres Capital Corp - Mark Fogel
- Landlord: Shoma Group - Masoud Shojaee
- Units: 43
- Broker: Michael Horowitz - Cooper Horowitz
This deal involved the collaboration of several key individuals and companies. Mark Fogel represented Acres Capital Corp as the lender, and Masoud Shojaee served as the landlord and representative of Shoma Group. Michael Horowitz, from Cooper Horowitz, played the role of broker in facilitating the loan transaction.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$17,600,000.00
Monthly NOI$117,333.33
Monthly Debt Service$111,243.97
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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