Updated Oct 28, 2024
PNC Bank Provides $60M Construction Loan For Multifamily Property In Miami
10650 Old Cutler Road, Miami, Florida 33189, United States
$60,000,000
Units
390
Asset Type
MultiFamily
Closing
Jul 17, 2022
About this deal
AI
The property involved in this transaction is a multifamily building located at 10650 W Old Cutler Road in Miami. The building consists of 390 units and is owned by Resia, represented by Ernesto Lopes. The transaction took place on July 18, 2022.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $60,000,000
- Address: 10650 W Old Cutler Road, Miami
- Market: Miami
- Units: 390
The lender for this transaction was PNC Bank, providing a construction loan. Ernesto Lopes, representing Resia, played a key role as the landlord in the deal.
On the Map
$60,000,000
MultiFamily
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Players
Miami MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93