PNC Bank Provides $60M Construction Loan For Multifamily Property In Miami
FINANCED
$60,000,000
Florida
See Similar DealsMultiFamily
Financed 07/18/2022
FINANCED
PNC Bank Provides $60M Construction Loan For Multifamily Property In Miami
10650 Old Cutler Road, Miami, Florida 33189, United States
See Similar DealsMultiFamily
Financed 07/18/2022
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$60,000,000.00
Monthly NOI$400,000.00
Monthly Debt Service$379,240.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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