City National Bank Provides $16.5M Loan For Acquisition On 11731 Mills Dr In Miami
11731 Mills Drive, Miami, Florida 33183, United States
$16,500,000
$248/SF
Building Size
66,450 SF
Asset Type
Office
Closing
Apr 7, 2022
About this deal
AI
Located at 11731 Mills Dr in Miami, this office property spans a total of 63,206 square feet. The transaction took place on 04/08/2022, with Beacon Real Estate Group serving as the landlord and City National Bank providing a loan.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $16,500,000
- Loan Type: Acquisition
- Lender: City National Bank
- Landlord: Beacon Real Estate Group
- Brokers: Scott Wadler, Matt Nihan, and Mike Basinski - Berkadia
The loan, provided by City National Bank, amounted to $16,500,000 for the acquisition of this office property. Represented by Scott Wadler, Matt Nihan, and Mike Basinski of Berkadia, the deal showcases the collaboration between the buyers and sellers in this transaction.
Players
Kendall Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.96%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93