Amerant Bank Provides $17.5M Acquisition Loan For Homestead, Cutler Bay, Pinecrest, Coral Gables Package Deal
13244 Old Biscayne Drive, Homestead, FL, USA
$17,500,000
$14,056/SF
Building Size
1,245 SF
Asset Type
Other
Closing
Oct 29, 2021
About this deal
AI
A package deal involving multiple properties has closed in Homestead, Cutler Bay, Pinecrest, and Coral Gables. The properties included in the deal are located at 13244 Old Biscayne, 920 NE 33rd Terrace, and 1490 NE 33rd Avenue.
Summary of transaction details
- Property Type: Package Deal
- Transaction Amount: $17,500,000
- Loan Type: Acquisition
The lender for this transaction was Amerant Bank. The landlord involved in the deal is Frontal Trust. The brokers who represented both parties in the transaction are Brad Williamson and Mitch Sinberg from Berkadia.
Mitch Sinberg and Brad Williamson of Berkadia played a crucial role in facilitating this closed package deal. They provided their expertise to ensure a successful acquisition for their clients.
Players
Homestead Other Market Snapshot
Boundary boundary · Other · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.91%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93