The recent closed transaction in Miami involved a multifamily property located at 2675 NW 87th Street. This property consists of 30 units and was the subject of a loan.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $5,300,000.00
• Units: 30
• Address: 2675 NW 87th Street
• Market: Miami

The brokers involved in this deal were Scott Miller, Isaac Hayon, and AJ Bruno from Meridian Capital Group. They played a key role in facilitating the transaction.

The loan obtained for this property was a Construction Loan with a loan amount of $5,300,000.00. The loan terms included a Loan-to-Cost (LTC) ratio of 70% and a fixed interest rate of 5.5%.

According to Scott Miller, one of the brokers, despite the volatility in the lending environment, they were able to source a low-cost construction loan. This helped mitigate the interest rate risk while still achieving an attractive leverage point for the transaction.