Metropolitan Commercial Bank Provides $2.4M Refinance Loan For Retail Property On Miracle Mile In Coral Gables
FINANCED
$2,418,000
Florida
See Similar DealsRetail10,748 SF
Financed 09/27/2023
FINANCED
Metropolitan Commercial Bank Provides $2.4M Refinance Loan For Retail Property On Miracle Mile In Coral Gables
315 Miracle Mile & 317 Miracle Mile
See Similar DealsRetail10,748 SF
Financed 09/27/2023
Summary
FLORIDA
Asset Type:Retail
Price Per Square Foot:$225
Total Square Footage:10,748 SF
Transaction Type:Loan
A retail property located at 315-317 Miracle Mile in Coral Gables has undergone a refinancing transaction. The property spans approximately 5,374 square feet and is owned by Mening Hospitality, represented by Keith Menin and Jared Galbut.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $2,418,000
- Address: 315-317 Miracle Mile, Coral Gables
- Market: Coral Gables
The lender for this refinancing deal is Metropolitan Commercial Bank, represented by Manuel Vidal. The loan amount provided by the bank is $2,418,000. This transaction serves as a means for the landlord, Mening Hospitality, to refinance the property in question.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$2,418,000.00
Monthly NOI$16,120.00
Monthly Debt Service$15,283.40
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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