Vertix Group Provides $10M Bridge Loan For Office Property At 888 Brickell Avenue In Brickell, Miami
888 Brickell Avenue
$10,000,000
Building Size
—
Asset Type
Office
Closing
Jul 24, 2023
AI
The property asset involved in the transaction is located at 888 Brickell Avenue in Brickell, Miami. It is classified as an office space with a total area of 53,189 square feet. The loan amount secured for this property is $10,000,000, categorized under bridge loan type.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $10,000,000
- Loan Type: Bridge
- Address: 888 Brickell Avenue
- Market: Brickell, Miami
- Lender: Vertix Group
- Lender Representatives: Frank Hermosa & Albert Arisso
The deal involves key individuals representing the lender, with Frank Hermosa and Albert Arisso acting as representatives from Vertix Group. They facilitated the loan processed for the office asset in Miami.
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
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93