Penny Bradfred Duplex package are 8 duplex homes (16 total units) on a cul-de-sac street all together. The homes feature garages, washer dryer connections, full service kitchens, on a quiet side street. The property is offered all cash to a new loan and the owner has a full appraisal for $960,000.
Great location, near NE 10th and Midwest Blvd. Just N of the Midwest Regional Hospital Complex, wonderful Retail, Restaurants, and Entertainment. Mid -Del Schools, good City Parks and Churches. Oklahoma city ranked #11 out of the 350 largest metros in the country for being one of the most diversified economies according to Wallet Hub (2015). There is a strong employment base not only in the immediate area of Penny Bradfred Duplex's, but the overall submarket with the majority of the jobs coming from the manufacturing, service and retail sectors. Sunnyview is located in the Mid-Del Public School district which is known to have excellent K-12 schools that receive great ratings year after year for academics. Oklahoma City continues to have one of the strongest manufacturing sectors in the country according to a 2015 report by New Geography. OKLAHOMA CITY HAS ONE OF THE STRONGEST GROWTH ECONOMIES IN U.S. March 16, 2015 - Brookings Brookings recently analyzed 300 of the largest metros in the world and found that Greater Oklahoma City ranks No. 7 in the U.S. for economic growth. They looked at factors such as GDP, employment and more to find that Oklahoma Citys GDP
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The financial pieces of the 27-acre Miami Worldcenter are falling into place, now with the Paramount condo tower having obtained a $285 million construction loan.
The 60-story tower would be the tallest component of Miami Worldcenter, a $2 billion mixed-use project on the north side of downtown Miami at 700 N.E. 1st Street. It will have 512 units atop ground-floor retail. The developer said nearly 60 percent of the units were pre-sold, totaling more than $300 million.
Paramount Miami Worldcenter broke ground with initial site work in March 2016, so the construction loan should carry it to completion. The condo should be ready in the first quarter of 2019.
Inbursa Bank provided $170 million of the mortgage while the other $115 million came from BC Immigration Fund. Walker & Dunlop's Kevin O'Grady, Dan Sheehan and Eric McGlynn were the advisors on the loans.
In addition, investment fund AECOM Capital signed on as the preferred equity investor of Paramount Miami World Center. AECOM owns AECOM Tishman, which formed a joint venture with Coastal Construction to work as general contractor of Miami Worldcenter.
"This is a proud moment as we come one step closer to delivering a new residential and retail landmark in Downtown Miami,” said developer Art Falcone, the CEO of Encore Fund. "It is a true testament to how this one-of-a-kind Paramount brand and exciting project has been received by our global buyers, brokers, and lending community.”
Falcone and Nitin Motwani teamed with Daniel Kodsi, who has built two other Paramount condos, for the project.
Paramount Miami Worldcenter will include a large amenity deck with pools, fountains, private bungalows, a soccer field, tennis courts, a boxing studio and a music jam room. There would be a yacht-shaped amenity center on the tower’s tops floors.
"We knew that we had created a new paradigm by giving buyers more than they had asked for or thought possible, and to see this new Miami landmark take shape is a proud moment for our team,” Kodsi said.
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Related Group has started pre-construction sales of condos at the Auberge Residences & Spa Miami at lower prices than many rival condominium developments. Auberge Miami is a 60-story, 290-unit building that Related plans to build at 1400 Biscayne Boulevard in Miami, near the Adrienne Arsht Performing Arts Center.
It is the initial phase of a three-tower project that would have 1,430 units and 13,280 square feet of retail space. Carlos Rosso, president of Related’s condo division, said the company is selling Auberge Miami units at an average price of $575 per square foot. Many condo developments in downtown Miami are selling at unit prices exceeding $700 per square foot.
“We weren’t planning on launching this job, but we had partners that said, ‘We don’t mind making a little less profit for the lower price. We want to get closer to getting the [construction] loan,” Rosso said. “It was a unique situation.”
He also said the first five days of sales produced 50 unit reservations, and Related needs reservations for 60 percent of the units, or 174 of them, to obtain construction financing and break ground. Related requires a 50 percent deposit to reserve a unit at Auberge Miami, 10 percent initially and the rest in stages as the development advances. Units at Arquitectonica-designed Auberge Miami range in size from 515 square feet to 1,964 square feet.
“Gran Paraiso and SLS LUX are suffering because we are going out at a great price on this project [Auberge Miami]. But we are fine with that because at those other jobs we already have met our pre-sales,” Rosso said. “Now if you sell condos, it has to be at an attractive price.”
Mill Creek Residential acquired the site of the Modera River House apartment project in Miami and landed a $52.4 million construction loan to break ground.
Miami River House Associates, managed by Lauris Boulanger and Francisco Silver in North Miami, sold the property at 1035 N.W. 11th Court and 1170 to 1080 N.W. 11th Street for $11.5 million to Riverhouse Development, an affiliate of Boca Raton-based Mill Creek Residential. Virginia-based Citizens Bank provided the construction loan to the buyer.
Aztec Group's Jim Fried represented both the seller and the buyer in the deal.
“The site has terrific access and visibility," Fried said. "The property fronts directly on the Dolphin Expressway. A person living in this project can get to the Miami CBD, Brickell, Midtown/Edgewater/Wynwood the Hospital District, Coconut Grove or Coral Gables without ever getting on the highway – a major benefit in today’s urban environment.”
The 2.54-acre site across from the Miami River was recently approved for 292 units units, ranging from 647 to 2,423 square feet. It would rise eight stories. The developer also agreed to preserve a single-family home.
“We targeted this development site specifically for its convenient access to the Miami Health District and the downtown Miami CBD, as well as its incredible views along the Miami River,” said Jeff Meran, senior managing director for Mill Creek Residential. “It’s a perfect location surrounded by the historic Spring Garden neighborhood and we are incredibly excited about this opportunity. This submarket will be very well served by a high-end luxury rental community like Modera Riverhouse.”
Maxim Credit Group must be confident that the developers of the Prive at Island Estate condominium in Aventura will overcome their legal challenges as the New York-based commercial lender granted a $25 million mortgage to the project.
With 160 units planned in two 16-story towers, the cost of building Prive is likely only a fraction of the $25 million loan. The developers led by Gary Cohen and BH3 can also tap some buyer deposits. Site work has already started at 5000 Island Boulevard, a private island in Dumfoundling Bay. The foundation is mostly completed and one of the towers is already several stories tall.
BH3 Principal Daniel Lebensohn said the Prive is on schedule to be completed in June 2017. The $25 million loan was an initial advance for a mortgage that could be up to $200 million, if needed, he said. Buyer deposits are also being utilized as the condos are more than 50 percent under contract, Lebensohn said.
Prive is facing litigation from a group of homeowners on a neighboring island, where a bridge and road connects the mainland to the condo development site. The homeowners want to reverse the city’s zoning approval of the condo project because they believe Cohen’s vested rights for the property should be limited to single-family homes.
On Oct. 23, Miami-Dade County Circuit Court Judge Jerald Bagley ruled against summary judgment motions by both the Prive developer and the homeowners that could have decided the case. Bagley said the big issues: whether Cohen has vested rights for condos or single-family homes and whether the city followed its zoning rules when approving the project, would be decided at trial.
The trial is scheduled for early March.
By starting construction and taking out a big mortgage now, the Prive developers are placing their bets on a victory in the courtroom.
"The lender lent on the project. People are buying in the project," Lebensohn said. "A title insurance company issued title insurance on the project for the benefit of the lender, and title companies don't underwrite any risk. A nationwide construction company secured bonding for the project. Those facts speak for themselves."
Lebensohn said the homeowners are "grasping at straws" in their case. However, they're still trying to disrupt the project.
“Anyone who has money in Prive is at risk because a court has determined that there are legitimate issues about whether Mr. Cohen has the right to build this project. We look forward to trial,” said Susan Raffanello, the attorney who represents the homeowners.
For the past few years, the housing market has been unbalanced. Strong demand and lean supply keep pushing prices higher and higher.
On Wednesday, a fresh piece of data confirmed that trend. The Mortgage Bankers Association’s weekly purchase loan data showed that the average size of a home loan was the largest in the history of its survey, which goes back to 1990.
Higher prices have a few different effects on the market. Buyers have to make tradeoffs on the kinds of homes they can afford, or may be shut out of ownership altogether.
They may also adjust their borrowing. Larger mortgage sizes may reflect not just more expensive properties, but also more leveraged ones.
The 20% down payment is a relic: the median down payment in 2016 was 10%. For first-time buyers, it was 6%. First-timers and other buyers of less-expensive homes are more leveraged now than they were at the height of the housing bubble a decade ago.
It almost goes without saying that taking care of a family on one person’s income can be burdensome. For this reason, single mothers may feel tempted to just focus on paying the bills each month.
Single mothers don’t need to reduce their dreams to merely consisting of short-term goals. This is particularly true when it comes to owning a family home.
Various special interest home incentives for single mothers will help make the dream of an affordable home a reality.
FHA loans are a great resource for moms looking for a good interest rate on a home purchase. With only a 3.5% down payment, moms receive a 96.5% mortgage loan. FHA loan terms offer several advantages, including:Lowered Closing CostsEasy Approval for CreditSmaller Down Payments
Single mothers who live in rural areas should also consider Rural Housing Direct loans. These loans are 100% financing loans funded by the government. All homes will be in rural areas, and loan terms will typically be 33 years. As such, these loans are ideally suited for moms who don’t plan on moving from their family home.
Applicants will need to have a low income (typically 50 to 80 percent of the median income in the area) and must be unable to obtain credit elsewhere. While this program is not an outright grant, it is an extremely generous loan that makes the dream of homeownership a reality for low-income moms living in rural areas.