S3 Capital Partners Provides $24M Acquisition Loan For Miami Development Site
3191 Southwest 39th Avenue, Miami, Florida 33146, United States
$24,000,000
$2,163/SF
Building Size
11,094 SF
Asset Type
Retail
Closing
Sep 5, 2022
About this deal
AI
The closed property transaction took place in the Industrial Section of Miami, involving a development site located at 3191 SW 39th Ave & 3160 SW 38th Ct. The asset type of this property is a development site in the industrial market. The deal was completed on 09/06/2022.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $24,000,000
- Address: 3191 SW 39th Ave & 3160 SW 38th Ct, Miami
- Market: Industrial Section
The loan for this transaction was provided by S3 Capital Partners, with Robert Schwartz and Steven Jemal representing the lender. The borrower consisted of MG Developer, represented by Alirio Torrealba, and Baron Property Group, represented by Matthew Baron. The brokers involved in the deal were Jeff Donnelly and Dmitry Levkov from Colliers International.
The loan type for this transaction was an acquisition loan. The lender, S3 Capital Partners, provided a loan amount of $24,000,000. The purpose of the loan was to facilitate the completion of a two-phase land assemblage for a mixed-use development called Merrick Parc.
On the Map
$24,000,000
$2,163/SF
Retail
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Players
Miami 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
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93