Bank Of America Private Bank Provides $20.45M Acquisition Loan For Miami Gardens Retail Property
4500 Northwest 183rd Street, Miami Gardens, FL, USA
$20,450,000
$178/SF
Building Size
114,342 SF
Asset Type
Retail
Closing
Nov 22, 2021
About this deal
AI
Located at 4500-4698 NW 183rd St in Miami Gardens, this retail property spans approximately 114,342 square feet. The transaction, which took place on November 22, 2021, involved an acquisition loan.
Summary of transation details
- Property Type: Retail
- Transaction Amount: $20,450,000
- Lender: Bank of America Private Bank
- Broker: Robert Bhat - Marcus & Millichap
The loan secured for this property amounted to $20,450,000. The loan terms include an all-in interest rate of 1.76% (floating), a 75% loan-to-value ratio, partial interest-only payments, a 25-year amortization period, and a 10-year term.
Players
Miami Gardens 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
0.78%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93