Berkadia Arranges $9.8 Million Loan To Refinance Retail Center On Crandon Boulevard Key Biscayne
Crandon Boulevard
$9,800,000
$159/SF
Building Size
61,504 SF
Asset Type
Retail
Closing
Sep 23, 2026
About this deal
AI
A 61,504-square-foot retail center located on Crandon Boulevard in Key Biscayne, FL was refinanced through a loan transaction. The loan amount secured for this asset was $9.8 million. The refinancing was structured as a 10-year fixed-rate loan, which entails specific terms set for the duration of the loan. The financing achieved a loan-to-value ratio of 23%.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $9,800,000
- Loan Type: Refinance
- Loan Terms: 10-year, fixed-rate
- Address: Crandon Boulevard
- Market: Key Biscayne, FL
- Asset Size: 61,504 SF
- Loan-to-Value Ratio: 23%
The loan was arranged by brokers Charles Foschini, Christopher Apone, Shannon Wilson, and Lourdes Carranza-Alvarez, all representing Berkadia in this transaction. The financing was secured through a correspondent life insurance company, highlighting the strategic financial partnerships involved in the deal.
Players
Boulevard 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
1.62%
Cash-on-Cash
-0.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93