920 Pennsylvania Avenue, Miami Beach, FL

November 2019 – Zeev Douek of Houlihan-Parnes Realtors arranged financing in the amount of $1.4 Million for a walk-up apartment building located in Miami Beach. The building consists of a total of 12 units and offer a mix of Studios and 1-BR units. The loan was placed with a Miami-based bank and was non-recourse at 65% of the purchase price and a 1.25x DSCR. The interest rate for the loan was fixed at 200 bps over the 10-Year Swap Rate fixed for 10 years with a 30-year amortization schedule. A Commitment letter was provided to the borrower 3 weeks from the signing of the term sheet and the bank was ready to close by the 4th week after the term sheet was signed. “The loan was tailored to the borrower’s financing needs by offering a non-recourse loan fixed at a long term favorable, low interest rate” said Douek. “The lender recognized the strong performance of the building as well as the market which have historically performed at or near full occupancy and has generated consistent growth in income year after year.”