Updated May 30, 2025
Empira Group Secures $111M Construction Loan From Goldman Sachs For Miami Multifamily Development
244 Southwest 9th Street
$111,000,000
$2,466/SF
Building Size
45,000 SF
Asset Type
MultiFamily
Closing
May 21, 2025
About this deal
AI
The property asset involved in the transaction is a multifamily building located at 244 Southwest 9th Street in Miami, comprising 310 units with a total square footage of 45,000. The loan amount secured for this project is $111,000,000, categorized as a construction loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $111,000,000
- Address: 244 Southwest 9th Street
- Market: Miami
- Asset Type: Multifamily
- Units: 310
- Square Footage: 45,000
- Lender: David Soloman - Goldman Sachs
- Landlord: Empira Group
- Title Insurance: Jim Reichert - Kensington Vanguard National Land Services
- Loan Type: Construction
Key individuals involved in the transaction include David Soloman, who represents Goldman Sachs, serving as the lender, and Jim Reichert, representing Kensington Vanguard National Land Services, who provided title insurance services for the deal. The landlord for this property is the Empira Group.
On the Map
$111,000,000
$2,466/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
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93