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Miami's 830 Brickell Plaza Secures $57M Construction Loan For Office Tower

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FINANCED
$57,000,000

Florida

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Office
Financed 07/31/2023
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FINANCED

Miami's 830 Brickell Plaza Secures $57M Construction Loan For Office Tower

830 Brickell Plaza

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Office
Financed 07/31/2023
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Summary

FLORIDA
Asset Type:Office
Transaction Type:Loan

The property asset involved is located at 830 Brickell Plaza in Miami. It is an office tower that consists of 57 stories and is fully leased. The total amount of the construction loan is $57 million, which brings the cumulative financing for the project to $357 million. The project is situated in Miami's financial district and is expected to be completed this year, attracting high-profile tenants such as Citadel and Microsoft.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $57,000,000
  • Lender: MSD Partners - Michael Dell
  • Landlord: Oko Group & Cain International

This transaction showcases the collaboration between MSD Partners, represented by Michael Dell, and the landlords Oko Group and Cain International. Their joint efforts have facilitated the substantial construction loan, reflecting confidence in the high-demand office space in the area, bolstered by the presence of reputable tenants.

Players

LENDER

OKO Group
LANDLORD

Details

FINANCED
IMAGE: 07/31/2023 ADDRESS: 830 Brickell Plaza MARKET: Miami ASSET TYPE: Office LENDER: MSD Partners - Michael Dell LANDLORD: Oko Group & Cain International LOAN AMOUNT: $57,000,000 LOAN TYPE: Construction Loan NOTE: Miami's 830 Brickell office tower received an increased construction loan of $57 million from Oko Group and Cain International, bringing the total to $357 million. The 57-story fully leased tower in the city's financial district is set for completion this year and has attracted high-profile tenants like Citadel and Microsoft.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$57,000,000.00

Monthly NOI$380,000.00
Monthly Debt Service$360,278.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00