Pacific National Bank Provides $6.4 Million Refinance Loan For Retail Asset In Miami
$6,400,000
$348/SF
Building Size
18,385 SF
Asset Type
Retail
Closing
Nov 26, 2024
AI
The asset involved in this transaction is a retail property located in Miami, spanning a total of 18,385 square feet. The property was refinanced with a loan amount of $6,400,000. The lender for this transaction was Pacific National Bank.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $6,400,000
- Loan Type: Refinance
- Lender: Pacific National Bank
- Brokers: Michael Kesselman & Mindy Bergman - Meridian Capital Group
- Date: 11/26/2024
The deal was represented by brokers Michael Kesselman and Mindy Bergman from Meridian Capital Group, who facilitated the loan refinance for the retail property in Miami. Their involvement highlights the collaboration of seasoned professionals in securing financing for this asset.
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
2.48%
Cash-on-Cash
-0.71%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93