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22 Northwest 1st Street, Mi...

Banesco Provides $18M Loan For 56,000 SF Office Property At 22 NW 1st Street In Miami
FINANCEDOffice

Banesco Provides $18M Loan For 56,000 SF Office Property At 22 NW 1st Street In Miami

22 Northwest 1st Street, Miami, FL, USA

$18,000,000

$321/SF

Building Size

56,000 SF

Asset Type

Office

Closing

Dec 16, 2020

AI

An office property located at 22 Northwest 1st Street in Miami was involved in a recent transaction. The property spans an area of 56,000 square feet, making it a spacious office space in the market.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $18,000,000
  • Date: 12/17/2020
  • Market: Miami
  • Lender: Banesco
  • Landlord: Arkadia Property Group - David Aaron, Kilstock Organization & David Aaron Real Estate
  • Broker: Noam Kaminetzky - Meridian Capital Group

Noam Kaminetzky, from the Meridian Capital Group, represented the buyer as their broker in the deal. The landlord of the office property is the Arkadia Property Group, in collaboration with David Aaron and Kilstock Organization.

Players

Noam Kaminetzky

Meridian Capital Group

Broker

$262.3M

vol

7 deals

Broker

Miami 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

0.88%

Cash-on-Cash

-0.25%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93