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
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