Simon Property Group Secures $140M Loan For Retail Property On Emerald Coast Pkwy, Miramar Beach
10562 Emerald Coast Parkway West, Miramar Beach, Florida 32550, United States
$140,000,000
Building Size
—
Asset Type
Retail
Closing
Feb 15, 2022
About this deal
AI
Located at 10562 Emerald Coast Pkwy in Miramar Beach, this retail property has been part of a recent closed transaction. The asset, owned by Simon Property Group, was involved in a loan deal.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $140,000,000
- Lender: Bank of America - Brian Moynihan & JPMorgan Chase Bank - Jamie Dimon
- Landlord: Simon Property Group
Bank of America, represented by Brian Moynihan, and JPMorgan Chase Bank, represented by Jamie Dimon, served as the lenders in this transaction. This deal showcases the collaboration between these financial institutions in providing the necessary funding for the retail property. Simon Property Group, the landlord, played a crucial role in facilitating the loan process.
Players
Miramar Beach Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93