Craig Robins Secures $250M Refinance Loan For Paradise Plaza In Miami Design District
151 NE 41st St Miami, FL 33137, USA
$250,000,000
$1,956/SF
Building Size
127,800 SF
Asset Type
Retail
Closing
Aug 25, 2023
About this deal
AI
Paradise Plaza in Miami's Design District has secured a $250 million refinancing deal. The loan, provided by Deutsche Bank, was obtained by Paradise Plaza Associates and will support the retail space located at 151 Northeast 41st Street. The property spans 127,800 square feet and is home to luxury brands such as Chanel and Gucci.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $250,000,000
- Address: 151 Northeast 41st Street
- Market: Miami
- Lender: Deutsche Bank
- Landlord: Dacra - Craig Robins; Miami Design District Associates; L Catterton Real Estate; Brookfield Properties
- Brokers: Martin Schwartz & Kevin Koushel - Bilzin Sumberg
The loan was secured by Paradise Plaza Associates, represented by brokers Martin Schwartz and Kevin Koushel of Bilzin Sumberg. The funding will provide financial stability and support the continued operation of Paradise Plaza in the Miami Design District. Craig Robins, the landlord and representative of Dacra, played a pivotal role in securing the refinancing deal.
On the Map
$250,000,000
$1,956/SF
Retail
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93