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IMC Equity Group Secures $30.3 Million Loan From IDB Bank For Sawgrass Office Park Acquisition

Property Image
FINANCED
$30,300,000

Florida

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Office514,222 SF
Financed 06/27/2024
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Property Image
FINANCED

IMC Equity Group Secures $30.3 Million Loan From IDB Bank For Sawgrass Office Park Acquisition

1601 Northwest 136th Avenue

See Similar Deals
Office514,222 SF
Financed 06/27/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$58
Total Square Footage:514,222 SF
Transaction Type:Loan

The asset involved in the transaction is Sawgrass Office Park, LLC, located at 1601 Northwest 136th Avenue in the Sunrise market. This commercial office campus comprises 11 buildings with a total square footage of 514,222. The loan amount secured for the acquisition is $30,300,000, provided by IDB Bank.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $30,300,000
  • Lender: Rajesh Melwani - IDB Bank
  • Landlord: IMC Equity Group
  • Loan Type: Acquisition

Rajesh Melwani led IDB Bank as the sole lender for this transaction. Sagy Aseraf, EVP & Head of the Florida Region, contributed to enhancing the relationship with IMC Equity Group, while underwriting support was provided by Riaz Gaya and Ashley Marth, ensuring the loan closure within the due diligence period.

Players

IDB Bank
IDB Bank
BROKERAGE
IDB Bank
IDB Bank
LENDER

Details

FINANCED
IMAGE: 06/26/2024 ADDRESS: 1601 Northwest 136th Avenue MARKET: Sunrise ASSET TYPE: Office ~ SF: 514,222 LENDER: Rajesh Melwani - IDB Bank LANDLORD: IMC Equity Group LOAN AMOUNT: $30,300,000 LOAN TYPE: Acquisition NOTE FROM LENDER: We are pleased to announce that IDB Bank has recently provided $30.3 million in acquisition financing to IMC Equity Group to support the purchase of Sawgrass Office Park, LLC, located in Sunrise, Florida. This commercial office campus includes 11 buildings totaling 514,222 square feet. Under the leadership of Rajesh Melwani, IDB served as the sole lender in this exciting deal. We would also like to extend our congratulations and recognition to Sagy Aseraf, EVP & Head of the Florida Region, for his support in strengthening our relationship with IMC Equity Group, as well as Riaz Gaya and Ashley Marth, who provided the underwriting support to close the loan within the due diligence period.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$30,300,000.00

Monthly NOI$202,000.00
Monthly Debt Service$191,516.61
Change in Cash Flow$0.00
Refinance Proceeds$0.00