Two Roads Development Acquires Condo In West Palm Beach With $121.5M Construction Loan
1309 South Flagler Drive, West Palm Beach, FL, USA
$121,500,000
$27,950/SF
Building Size
4,347 SF
Asset Type
—
Closing
Dec 1, 2021
About this deal
AI
A $121.5 million loan has been secured for the construction of a condo located at 1309 South Flagler Drive in West Palm Beach. The asset is part of a deal involving Two Roads Development, represented by James Harpel, and Alpha Blue Ventures, represented by Marius Fortelni and Scott Maslin.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $121,500,000
- Address: 1309 South Flagler Drive
- Market: West Palm Beach
- Loan Type: Construction
- Lender: Bank OZK
- Landlord: Two Roads Development - James Harpel & Alpha Blue Ventures - Marius Fortelni & Scott Maslin
The loan was provided by Bank OZK, and Two Roads Development, along with Alpha Blue Ventures, represented by James Harpel, Marius Fortelni, and Scott Maslin, acted as the landlords in the transaction.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93