North Miami Fully-Entitled Development Parcel
$40,000,000
16300 NE 19th Ave Ste D, North Miami Beach, FL 33162
34,927 sqft
Building Size
0.8559 acres
Lot Area
Details:
Highlights:
- Project
- PropertyAddress
- 16300NE 19thAvenue
- Summary
- ProjectType
- Multi-Family:Rental
- ProjectSize(GFS)
- 508,674SF
- ProjectCost
- $142,301,066
- Project#ofUnits
- 341
- EXECUTIVESUMMARY
- Financial
- LoanAmount
- $116,000,000
- Request
- Purpose
- ConstructionLoan
- LTC(LastDollar)
- 81.5%
- Term
- 2Year
- Closing
- ASAP
- Capital
- Equity
- $26,300,080
- Structure
- Debt
- $116,000,987
- Total
- $142,301,066
Description:
EXECUTIVE SUMMARY
CEO Contract, Inc. ("The Sponsor"), is aiming to secure a $116 million construction loan for the property at 16300 NE 19th Avenue, North Miami. This loan, representing 81.5 % loan-to-cost, 72% loan-to value is for a 37,281-square-foot site designated for luxury multi-family development, totaling 508,674 gross square feet. The project is fully approved and ready to commence construction.
The South Florida real estate market, encompassing Palm Beach, Broward, Miami-Dade, Monroe, Martin, and St. Lucie counties, has undergone significant changes due to the COVID-19 pandemic. This overview draws from interviews, reports, and trend analyses concerning construction prices, sales, rent rates, and occupancies. The pandemic induced widespread business closures and a shift to remote work in March2020,freezing manynew transactionsamid marketuncertainty.
Location
Gallery
