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222 Nw 24th St

FINANCEDOffice

Tricera Capital And LNDMARK Sell Wynwood Office Building With $36.2M JP Morgan Acquisition Loan

222 Nw 24th St

$36,180,000

$390/SF

Building Size

92,552 SF

Asset Type

Office

Closing

Dec 8, 2022

AI

The property involved in this closed transaction is an office located at 230 NW 24th Street in the Wynwood market. The transaction took place on 12/13/2022.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $36,180,000
  • Address: 230 NW 24th Street
  • Market: Wynwood

The lender for this transaction was JP Morgan. The landlords involved in the deal were Brick & Timber and Argosy Capital Partners. The brokers who represented both parties in the transaction were Scott Wadler and Michael (Thomas) Basinski from Berkadia. The sellers of the property were Tricera Capital and LNDMARK.

The loan amount for this transaction was $36,180,000, and it was an acquisition loan.

Players

Scott Wadler

Berkadia

Broker

$10.4B

vol

172 deals

Broker
J.P. Morgan Chase
J.P. Morgan ChaseLender

Miami Office Market Snapshot

Boundary boundary · Office · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.44%

Cash-on-Cash

-0.13%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93