Adam Neumann & Mark Lapidus Acquire Office Property In Downtown Miami From Landlord
FINANCED
$108,000,000
Florida
See Similar DealsOffice20,980 SF
Financed 02/23/2022
FINANCED
Adam Neumann & Mark Lapidus Acquire Office Property In Downtown Miami From Landlord
697 North Miami Avenue, Miami, Florida 33136, United States
See Similar DealsOffice20,980 SF
Financed 02/23/2022
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$5,147
Total Square Footage:20,980 SF
Transaction Type:Loan
Adam Neumann & Mark Lapidus have secured a construction loan worth $108,000,000 for their office property located at 697 N Miami Avenue in Downtown Miami. The property spans approximately 20,980 square feet and consists of 444 units.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $108,000,000
- Address: 697 N Miami Avenue
- Market: Downtown Miami
- Square Footage: 20,980
- Units: 444
The construction loan was provided by CIM Group, while Adam Neumann & Mark Lapidus serve as the landlords for the property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$108,000,000.00
Monthly NOI$720,000.00
Monthly Debt Service$682,633.47
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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