Property Markets Group And Greybrook Realty Partners Secure $161.5M Loan For Co-living Tower In Downtown Miami
400 Biscayne Boulevard, Miami, FL, USA
$161,500,000
$2,212/SF
Building Size
73,000 SF
Asset Type
Other
Closing
Sep 11, 2019
About this deal
AI
A $161,500,000 loan has been secured for a co-living tower located at 400 Biscayne Boulevard in Downtown. The tower consists of 646 units spanning 73,000 square feet. The loan was provided by Centennial Bank and Square Mile Capital.
Summary of transaction details:
- Property Type: Co-living tower
- Transaction Amount: $161,500,000
- Address: 400 Biscayne Boulevard
- Market: Downtown
- Units: 646
- Square Feet: 73,000
The property is owned by Property Markets Group, represented by Kevin Maloney, and Greybrook Realty Partners. The loan was facilitated by Andrew Warman, Jonathan Blank, Lowell Plotkin, and Luis Flores from Saul Ewing Arnstein & Lehr.
On the Map
$161,500,000
$2,212/SF
Other
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Players
Miami Other Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93