JP Morgan and BDT & MSD Partners Provides $273 Million Construction Loan For Miami Multifamily Project
FINANCED
$273,000,000
Florida
See Similar DealsMultiFamily6,534,000 SF
Financed 11/20/2024
FINANCED
JP Morgan and BDT & MSD Partners Provides $273 Million Construction Loan For Miami Multifamily Project
661 Diplomat Parkway
See Similar DealsMultiFamily6,534,000 SF
Financed 11/20/2024
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$41
Total Square Footage:6,534,000 SF
Transaction Type:Loan
The property asset involved in the transaction is a multifamily development located at 661 Diplomat Parkway in the Miami market. The total area of the property spans 150 acres, supported by a construction loan amounting to $273,000,000 provided by JP Morgan, BDT, and MSD Partners.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $273,000,000
- Address: 661 Diplomat Parkway
- Market: Miami
- Lender: JP Morgan, BDT & MSD Partners
- Landlord: Alex Witkoff - Witkoff Group & Ari Pearl - PPG Development
- Loan Type: Construction
Key individuals involved in this transaction include Ari Pearl and Alex Witkoff, who represent the landlords, Witkoff Group and PPG Development, respectively. Their roles are critical in facilitating the construction financing necessary for the project's development.
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Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$273,000,000.00
Monthly NOI$1,820,000.00
Monthly Debt Service$1,725,545.70
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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