Updated Jan 29, 2025
Ocean Bank Provides $30 Million Refinance Loan To Melo Group For Miami Multifamily Asset
162 Northeast 25th Street
$30,000,000
$165/SF
Building Size
181,745 SF
Asset Type
MultiFamily
Closing
Jan 28, 2025
About this deal
AI
The property asset involves a multifamily unit located at 162 Northeast 25th Street in the Miami market. The asset consists of 171 units and has a total square footage of 181,745. A refinance loan has been secured for the amount of $30,000,000 through Ocean Bank.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $30,000,000
- Lender: Ocean Bank
- Landlord: Melo Group
- Broker: Peter Mekras - Aztec Group
- Loan Type: Refinance
The key individuals involved in this transaction include Peter Mekras representing the Aztec Group as the broker for the landlord, Melo Group. This refinance loan serves to optimize the financial structure for the property through Ocean Bank.
On the Map
$30,000,000
$165/SF
MultiFamily
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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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93