Compass Commercial presents the Historic "Dade-Commonwealth Building," an existing 43,265sf office building with rare in-place approvals from the Historic Preservation Board and City of Miami for a 17-story, 163-room upscale hotel. Alternatively, the existing structure can be repositioned to a 60-key hotel. Sale includes approved demolition permits + Master permits, which are in the final stages, allowing for quick project initiation. Due to its historic designation, the property is entitled to an Ad Valorem Exemption and the Federal Historic Rehabilitation Tax Credit. Great opportunity to develop a luxury hotel in Downtown Miami that's fast-tracked with approved plans, demo permits + tax credits.
139 NE 1st St, Miami, FL, 33132
The rates and annual percentage rate (APR) displayed are based upon the following assumptions: a 20% down payment (e.g. $20,000 down on a $100,000 purchase price), conforming loan amount, $1,950 in finance charges, 30 days prepaid interest, 1 point, 30 day rate lock. The rates and annual percentage rate (APR) will vary depending upon the actual down payment percentages, points and fees for your transaction. Rates and the margin for adjustable rate mortgages [if applicable] are subject to change without prior notice and may vary with your unique credit history, and terms of your loan. The rates displayed vary by property state, may change or not be available at commitment or closing or may be subject to product restrictions.
The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first five years (for a 5/6 ARM) or seven years (for a 7/6 ARM) and adjust every six months thereafter for the remainder of the loan term. The Interest Rate and annual percentage rate may increase after consummation. The Index for this product is the SOFR. The margin for this adjustable rate mortgage may vary with your unique credit history, and terms of your loan. Mortgage Rates are subject to change, loan amount and product restrictions and may not be available for your specific transaction at commitment or closing. Rates, and the margin for adjustable -rate mortgages [if applicable], are subject to change without prior notice.
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