Updated Oct 25, 2024
PNC Provides $270M JV Equity And Construction Loan For Miami MultiFamily Property
152 Northwest 8th Street
$270,000,000
$438,311/SF
Building Size
616 SF
Asset Type
MultiFamily
Closing
Jul 28, 2023
About this deal
AI
The property involved in this transaction is located at 152 Northwest 8th Street in Miami. It is a multi-family property with 616 units. The deal involves a loan transaction.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $270,000,000
- Address: 152 Northwest 8th Street
- Market: Miami
- Units: 616
The lender for this transaction is PNC, represented by Cory Clement and Alex Haw. The landlords involved in the deal are Atlantic Pacific, represented by Randy Weisburd, Ken Naylor, and Jeanne Barger, and GTIS, represented by Amit Rind. The brokers responsible for the deal are Scott Wadler and Patrick Johnson from Berkadia.
Players
Market 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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93