Updated Oct 29, 2024
FM Capital Arranges $18M Construction Loan For Multifamily Development In Coral Gables
701 Valencia Avenue
$18,000,000
$360/SF
Building Size
50,000 SF
Asset Type
MultiFamily
Closing
Mar 23, 2023
About this deal
AI
The multifamily property located at 701 Valencia Avenue in Coral Gables has been involved in a recent loan transaction. The property consists of 25 units and spans 50,000 square feet. The loan, provided by Banesco, has a total amount of $18,000,000 and is classified as a construction loan.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $18,000,000
- Address: 701 Valencia Avenue, Coral Gables
- Market: Coral Gables
- Units: 25
- Square Footage: 50,000
The landlord of the property is TA Builders. The broker, Michael Mizrahi from FM Capital, represented the parties involved in the deal.
Players
Market 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
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93