New Construction – This project is located south of downtown Miami in the Coconut Grove area of Miami. The project has 30 residential units and two commercial spaces for a total of 32 units. Of the 32 units, 11 residential units have closed and both commercial spaces have closed leaving a total of 19 available. Total sq ft is 31,148 and available sq ft is 19,.416. The average closed sales preconstruction was $402 per sq ft and the comparable rentals in the area are $1.70 per sq ft. Original loan amount was $8.3MM and the current balance is $4.52MM.