Updated Dec 4, 2024
Fortune International Secures $36.08M Pre-development Loan For Multifamily In Brickell
1210 Brickell Avenue
$36,080,000
Units
544
Asset Type
MultiFamily
Closing
Jul 3, 2024
About this deal
AI
The property at 1210 Brickell Avenue in Brickell, Miami, consists of a multifamily asset with a total of 544 units. The pre-development loan for this property was secured for $36,080,000 from Amerant Bank. The loan terms span over 24 months, providing financial support during the initial stages of development. The landlord of the property is Fortune International Group.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $36,080,000
- Asset Type: Multifamily
- Units: 544
- Lender: Amerant Bank
- Landlord: Fortune International Group
- Brokers: Michael Basinski & Scott Wadler - Berkadia
The individuals involved in this transaction include Michael Basinski and Scott Wadler from Berkadia, who represented the parties in securing the pre-development loan. The collaboration between key individuals such as Edgardo Defortuna, Eduardo Imery, and Jose Gonzalez helped facilitate the successful acquisition of the loan for this significant multifamily asset in Brickell, Miami.
Players
Miami 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
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93