Square Mile Capital Management Provides $185M Refinancing Loan For Miami Multifamily Property
FINANCED
$185,000,000
Florida
See Similar DealsMultiFamily
Financed 07/12/2022
FINANCED
Square Mile Capital Management Provides $185M Refinancing Loan For Miami Multifamily Property
650 NE 2nd Ave, Miami, Florida 33132, United States
See Similar DealsMultiFamily
Financed 07/12/2022
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan
The Moinian Group, a real estate development firm, has refinanced their multifamily property located at 650 NE Second Ave in Miami. The property consists of 434 units in total. The refinancing loan was provided by Square Mile Capital Management for an amount of $185,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $185,000,000
- Address: 650 NE Second Ave
- Market: Miami
- Units: 434
Drew Fletcher from Greystone and Robert Kaplan from Cushman & Wakefield represented the parties involved in this deal. Drew Fletcher represented the Moinian Group, the landlord, while Robert Kaplan represented Square Mile Capital Management, the lender.
Players
BROKERAGE
BROKERAGE
LANDLORD
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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