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850 Meridian Avenue, Miami ...

Updated Oct 28, 2024

Sutlingar Property Group Refinances South Beach Multifamily Property For $2.6M Loan
FINANCEDMultiFamily

Sutlingar Property Group Refinances South Beach Multifamily Property For $2.6M Loan

850 Meridian Avenue, Miami Beach, FL, USA

$2,625,000

$4,101/SF

Building Size

640 SF

Asset Type

MultiFamily

Closing

Apr 1, 2020

About this deal

AI

Located in South Beach, Miami, the multifamily property at 850-860 Meridian Avenue recently underwent a refinance transaction. The loan, granted by Barclays, amounted to $2,625,000 and featured a 10-year fixed full term interest-only repayment plan. The financing was secured by Sutlingar Property Group, who owns the property.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $2,625,000
  • Market: South Beach, Miami
  • Lender: Barclays - Chris Burke & Peter Miller
  • Landlord: Sutlingar Property Group
  • Brokers: Solomon Michailow @Solomonmichailow, Max Herzog @JLL

The loan, provided by Barclays and facilitated by Solomon Michailow and Max Herzog from JLL, offered favorable terms to the borrower. This refinance deal marked the tightest CMBS Conduit Loan since 2009 outside of New York or Los Angeles, as noted by JLL.

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$2,625,000

$4,101/SF

MultiFamily

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Players

Max Herzog

Institutional Property Advisors

Broker

$5.5B

vol

81 deals

Broker
JLL
JLLBrokerage
Barclays Bank
Barclays BankLender
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Miami Beach MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $4.1K per square foot on a published $2.6M for 640 square feet (2020).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

6.04%

Cash-on-Cash

-1.73%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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