Exciting Little Havana 137 Unit Development Site, minutes to UM Hospitals, Brickell/Downtown Miami, Gables, Grove, & Miami International Airport. Proposed 8 stories structure, w/ potential for 12 if desired. Assemblage of 4-lots fronts both SW 1st & 2nd Streets. Proposed development details: 91, 023 leasable SF/ 157, 064 buildable SF for 57. 9% efficiency. Parking solved with only two (2) levels of parking garage as designed for efficiency. Proposed rental apartment unit mix: (a) 110 units under both SB-102/328/Live Local rental limits & 55+ restricted (attained by Covenant with the City of Miami) and (b) 27 market-rate rentals. Covered Land Play generating $17, 000/month rents. Renderings by MODIS Architects. See attached OM for information.
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William Raveis Real Estate
Phone: 888.699.8876
Contact@raveis.com
RVP, Mortgage Banker
William Raveis Mortgage, LLC
Phone: 917.838.7300
Melissa.Cohn@raveis.com
NMLS Mortgage Loan Originator ID 16953
5/6 (30 Yr) Adjustable Rate Jumbo* |
30 Year Fixed-Rate Jumbo |
15 Year Fixed-Rate Jumbo |
|
---|---|---|---|
Loan Amount | $5,000,000 | $5,000,000 | $5,000,000 |
Term | 360 months | 360 months | 180 months |
Initial Interest Rate** | 6.625% | 6.625% | 6.625% |
Interest Rate based on Index + Margin | 8.125% | ||
Annual Percentage Rate | 7.282% | 6.762% | 6.036% |
Monthly Tax Payment | N/A | N/A | N/A |
H/O Insurance Payment | $125 | $125 | $125 |
Initial Principal & Interest Pmt | $32,016 | $32,016 | $43,900 |
Total Monthly Payment | $32,141 | $32,141 | $44,025 |
* The Initial Interest Rate and Initial Principal & Interest Payment are fixed for the first 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.
The rates and Annual Percentage Rate (APR) cited above may be only samples for the purpose of calculating payments and are based upon the following assumptions: minimum credit score of 740, 20% down payment (e.g. $20,000 down on a $100,000 purchase price), $1,950 in finance charges, and 30 days prepaid interest, 1 point, 30 day rate lock. The rates and APR will vary depending upon your unique credit history and the terms of your loan, e.g. the actual down payment percentages, points and fees for your transaction. Property taxes and homeowner's insurance are estimates and subject to change.