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Cerberus Real Estate Capital Management Acquires 13.3-Acre Development Site In Santa Clara For $50M
SOLD
$50,000,000
California
See Similar DealsDevelopment Site
Sold 10/30/2023
SOLD
Cerberus Real Estate Capital Management Acquires 13.3-Acre Development Site In Santa Clara For $50M
3905 Freedom Circle
See Similar DealsDevelopment Site
Sold 10/30/2023
Summary
CALIFORNIA
Asset Type:Development Site
Transaction Type:Sale
Cerberus Real Estate Capital Management, represented by Stephen Feinberg and Frank Bruno, has acquired a 13.3-acre development site in Santa Clara for $50 million. The property, located at 3905 Freedom Circle, is approved for the construction of 1,100 homes. The sale price equates to $3.8 million per acre.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $50,000,000
- Address: 3905 Freedom Circle
- Market: Santa Clara
- Acres: 13.3
The seller, Greystar Real Estate Partners, was represented by Bob Faith. While the future development plans for the land remain uncertain, rising construction costs and interest rates have had an impact on the local housing market.
Players
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,666,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$177,639.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$237,025.51
Annual Debt Service$2,844,306.11
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