Terra Group & Cipriani Secure $185M Loan For Coconut Grove Multifamily Property
FINANCED
$185,000,000
+ 1
Florida
See Similar DealsMultiFamily32,000 SF
Financed 09/26/2019
FINANCED
Terra Group & Cipriani Secure $185M Loan For Coconut Grove Multifamily Property
2655 South Bayshore Drive, Northeast Coconut Grove, Miami, FL, USA
See Similar DealsMultiFamily32,000 SF
Financed 09/26/2019
+ 1
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$5,781
Total Square Footage:32,000 SF
Transaction Type:Loan
The multifamily property located at 2655 South Bayshore Drive in Coconut Grove was involved in a closed transaction. The property consists of 300 units with a total square footage of 32,000. The deal was completed on 09/26/2019.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $185,000,000
- Market: Coconut Grove
- Lender: Mack Real Estate Credit Strategies
- Landlord: Terra Group & Cipriani
- Brokers: Marc Sznajderman, Romano Tio, Chris Gathman, Dylan Comras - Ackman-Ziff
The loan amount for the transaction was $185,000,000. The property is owned by Terra Group and Cipriani. The lenders in this deal are Mack Real Estate Credit Strategies. The deal was facilitated by brokers Marc Sznajderman, Romano Tio, Chris Gathman, and Dylan Comras from Ackman-Ziff. The transaction took place in the Coconut Grove market.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$185,000,000.00
Monthly NOI$1,233,333.33
Monthly Debt Service$1,169,325.84
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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