Updated Oct 28, 2024
Neology Life Development Group Refinances Multifamily Property In Miami River District For $52M
1951 Northwest South River Drive, Miami, FL, USA
$52,000,000
$48,826/SF
Building Size
1,065 SF
Asset Type
MultiFamily
Closing
Jul 19, 2021
About this deal
AI
A multifamily property located at 1951 NW S River Drive in the Miami River District has been involved in a recent loan transaction. The loan was facilitated by LoanCore Capital and the borrower, Neology Life Development Group represented by Lissette Calderon. The loan amount for this 2-year, floating-rate refinance loan is $52,000,000 with an LTV of 72%. The loan also includes three 12-month extension options.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $52,000,000
- Address: 1951 NW S River Drive
- Market: Miami River District
- Lender: LoanCore Capital
- Landlord: Neology Life Development Group - Lissette Calderon
- Brokers: Charles Foschini & Christopher Apone - Berkadia
Charles Foschini & Christopher Apone from Berkadia served as the brokers for this transaction, representing the borrower, Neology Life Development Group, and Lissette Calderon. This loan provides an opportunity for refinancing the property and optimizing its financial structure.
On the Map
$52,000,000
$48,826/SF
MultiFamily
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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
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93