Updated Oct 28, 2024
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.
Players
Miami Beach MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Solomon Michailow to view all their deals.
Browse Florida multifamily loans on Traded.
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