Lotus House Secures $32M Financing For Children's Village Development In Miami Overtown
219 NW 14th Terrace
$32,000,000
$450/SF
Building Size
71,000 SF
Asset Type
School
Closing
Apr 25, 2023
About this deal
AI
Lotus House, a Miami-based nonprofit organization, has secured $32 million in financing to build a new Children's Village development in Miami's Overtown neighborhood. The development will consist of a five-story educational center offering preschool and recreational facilities. The property, located at 219 NW 14th Terrace, spans 71,000 square feet and sits on 0.7 acres of land. The market for this project is in Miami, Florida.
Summary of transaction details:
- Property Type: School
- Transaction Amount: $32,000,000
- Address: 219 NW 14th Terrace
- Square Footage: 71,000
- Market: Miami
- Loan Type: Construction Loan
- Lender: U.S. Bank, The Frederick A. DeLuca Foundation, Florida Community Loan Fund & Enterprise Community Investment, Inc
- Landlord: Constance Collins - Lotus House
The financing for this project includes a $27 million construction loan from U.S. Bank and $5 million in new market tax credits from The Frederick A. DeLuca Foundation, Florida Community Loan Fund, and Enterprise Community Investment, Inc. Constance Collins, representing Lotus House, oversaw the transaction as the landlord.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93