Adam Neumann & Mark Lapidus Acquire Office Property In Downtown Miami From Landlord
697 North Miami Avenue, Miami, Florida 33136, United States
$108,000,000
$5,147/SF
Building Size
20,980 SF
Asset Type
Office
Closing
Feb 22, 2022
AI
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.
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
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93