1940 Biarritz Drive, Miami Beach, FL

November 2020: Zeev Douek of Houlihan-Parnes Realtors, arranged financing in the amount of $3.048 Million for a walk-up apartment building located in Miami Beach. The building is a 2-story apartment property consisting of a total of 24 units and offers a mix of Studio, 1-bedroom and 2-bedroom units. The loan was placed with a New York-based bank and was non-recourse at 68% of the purchase price and a 1.25x DSCR. The interest rate for the loan was fixed at 3.25% with a 30-year amortization schedule. A Commitment letter was issued at the start of the pandemic. As a result of the pandemic the deal stalled for many months. The bank was very accommodating to the borrower in keeping the deal active for so many months and closing the loan 8 months after the pandemic’s start.”