Scott Wadler Of Berkadia Secures $36.2M Loan For Cube WYNWD Office Building
230 NW 24th St, Miami, FL, 33127
$36,200,000
Building Size
—
Asset Type
Office
Closing
Nov 22, 2023
About this deal
AI
The Cube WYNWD office building in Miami, Florida, located at 230 NW 24th St, was acquired with the help of a $36.2 million loan arranged by Berkadia. The property consists of 90,000 square feet of office space and 10,000 square feet of retail space. The loan was provided by J.P. Morgan Chase & Company and features a five-year, fixed-rate term with interest-only payments throughout.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $36,200,000.00
- Borrower: Brick & Timber Collective
- Borrower's Representative: Scott Wadler (Berkadia)
- Lender: J.P. Morgan Chase & Company
Scott Wadler of Berkadia facilitated the financing on behalf of the borrower, a joint venture between Brick & Timber and Argosy Capital Partners, based in San Francisco and Philadelphia, respectively.
On the Map
$36,200,000
Office
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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