City National Bank Provides $25 Million Construction Loan For Office At 2871 Oak Avenue
2871 Oak Avenue
$25,000,000
$500/SF
Building Size
50,000 SF
Asset Type
Office
Closing
Dec 31, 2024
About this deal
AI
2871 Oak Avenue is an office asset located in Miami, featuring a total of 50,000 square feet. The transaction involves a construction loan amounting to $25,000,000, structured as a three-year, full-term interest-only loan.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $25,000,000
- Lender: City National Bank
- Landlord: Andy Gilon Moreno, Nadav Goshen & Gabriel Marcano - Vizcaya Capital; Carlos Imery & Richard Kulick - Beacon Real Estate Group
- Brokers: Scott Wadler, Matthew (Matt) Nihan & Patrick Johnson - Berkadia
- Date: 12/31/2024
The deal features participation from multiple key individuals and firms, with Andy Gilon Moreno, Nadav Goshen, and Gabriel Marcano representing Vizcaya Capital, while Carlos Imery and Richard Kulick represent Beacon Real Estate Group. The transaction was brokered by Scott Wadler, Matthew (Matt) Nihan, and Patrick Johnson from Berkadia.
On the Map
$25,000,000
$500/SF
Office
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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
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93