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Tony Par Secures $4.7 Million Loan From Tameer Orevi For Multifamily Project In Miami

Property Image
FINANCED
$4,700,000

Florida

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MultiFamily9,872 SF
Financed 01/21/2025
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Property Image
FINANCED

Tony Par Secures $4.7 Million Loan From Tameer Orevi For Multifamily Project In Miami

1165 Northwest 8th Avenue

See Similar Deals
MultiFamily9,872 SF
Financed 01/21/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$476
Total Square Footage:9,872 SF
Transaction Type:Loan

The property asset involved in this transaction is a multifamily building located at 1165 Northwest 8th Avenue in Miami. The asset comprises 24 units and has a total square footage of 9,872. The loan amount for this construction project is $4,700,000, which was secured for financing purposes.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $4,700,000
  • Lender: Tameer Orevi - Orevi Capital
  • Landlord: Tony Par
  • Loan Type: Construction
  • Loan Terms: 65% LTARV, 18 month loan term, no prepayment penalty, financed payoff/all closing costs/IR/total remaining budget

This transaction indicates the refinance of existing debt and includes an interest reserve as well as financing for all closing costs and 100% of the remaining construction budget. The project is noted to be about 75% complete at the time of this financing.

Players

Orevi Capital
Orevi Capital
LENDER

Details

FINANCED
IMAGE: Tameer Orevi DATE: 01/21/2025 ADDRESS: 1165 Northwest 8th Avenue MARKET: Miami ASSET TYPE: Multifamily ~ UNITS: 24 ~ SF: 9,872 LENDER: Tameer Orevi - Orevi Capital (@OreviCapital) LANDLORD: Tony Par LOAN AMOUNT: $4,700,000 LOAN TYPE: Construction LOAN TERMS: 65% LTARV, 18 month loan term, no prepayment penalty, financed payoff/all closing costs/IR/total remaining budget NOTE FROM LENDER: This is a mid construction project about 75% complete. Orevi Capital refinanced the existing debt and financed an interest reserve, all closing costs, and 100% of the remaining construction budget.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$4,700,000.00

Monthly NOI$31,333.33
Monthly Debt Service$29,707.20
Change in Cash Flow$0.00
Refinance Proceeds$0.00