Monolith Capital Secures $19.15M Construction Loan For Port St. Joe Residential Condo Development
2227 Amber Jack Avenue, Port St. Joe, Florida, USA
$19,150,000
Units
49
Asset Type
—
Closing
Oct 15, 2021
AI
A construction loan has been secured for a residential condo development project in Port St. Joe, FL. The property, located at 2227 Amberjack Avenue, is set to consist of 49 units. The construction loan was obtained for an amount of $19,150,000, with the loan terms including a 2-year fixed rate and interest-only payments for the full term.
Summary of transaction details
- Property Type: Residential Condo
- Transaction Amount: $19,150,000
- Address: 2227 Amberjack Avenue, Port St. Joe, FL
- Market: Port St. Joe, FL
The construction loan was secured by the landlord, Monolith Capital, represented by Bobby Pokora and John Hohos. The brokers involved in the transaction were Suraj Desai and Raymond Zanca from BlackBearCapitalPartners.
Players
Port Saint Joe CRE Market Snapshot
Boundary boundary · CRE · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93