Rocky Kelemer Of Meridian Capital Group Secures $4.5 Million Refinance For Miami Beach Multifamily
1535 Michigan Avenue
$4,500,000
$416/SF
Building Size
10,800 SF
Asset Type
MultiFamily
Closing
Aug 31, 2024
AI
The property located at 1535 Michigan Avenue is a multifamily asset consisting of 24 units with a total square footage of 10,800. It is situated in the Miami Beach market and is involved in a refinancing transaction.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $4,500,000
- Loan Type: Refinance
- Date: 08/31/2024
- Broker: Rocky Kelemer - Meridian Capital Group
Rocky Kelemer represents the broker side of this refinancing deal through Meridian Capital Group, facilitating the transaction for the multifamily asset in Miami Beach.
Miami Beach 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
3.53%
Cash-on-Cash
-1.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93