Updated Mar 11, 2025
Square Mile Capital Management Provides $185M Refinancing Loan For Miami Multifamily Property
650 NE 2nd Ave, Miami, Florida 33132, United States
$185,000,000
Units
434
Asset Type
MultiFamily
Closing
Jul 12, 2022
About this deal
AI
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.
On the Map
$185,000,000
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
0.09%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93