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Monolith Capital Secures $19.15M Construction Loan For Port St. Joe Residential Condo Development

Property Image
FINANCED
$19,150,000
Suraj Desai
Raymond Zanca
BP
+ 1

Florida

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Financed 10/15/2021
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Property Image
FINANCED

Monolith Capital Secures $19.15M Construction Loan For Port St. Joe Residential Condo Development

2227 Amber Jack Avenue, Port St. Joe, Florida, USA

See Similar Deals
Financed 10/15/2021
Suraj Desai
Raymond Zanca
BP
+ 1
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Transaction Type:Loan

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

Raymond Zanca
Black Bear Capital Partners
Raymond Zanca
12 deals$188.9M volume
BROKER
Suraj Desai
Black Bear Capital Partners
Suraj Desai
43 deals$1B volume
BROKER
BP
Monolith Capital
Bobby Pokora
2 deals$28.2M volume
LANDLORD
JH
Monolith Capital
John Hohos
2 deals$28.2M volume
LANDLORD

Details

FINANCED
IMAGE: Suraj Desai, Raymond Zanca, Bobby Pokora & John Hohos DATE: 10/15/2021 ADDRESS: 2227 Amberjack Avenue MARKET: Port St. Joe, FL ASSET TYPE: Residential Condo LANDLORD: Monolith Capital - Bobby Pokora & John Hohos BROKERS: Suraj Desai & Raymond Zanca - @BlackBearCapitalPartners LOAN AMOUNT: $19,150,000 LOAN TYPE: Construction Loan LOAN TERMS: A construction loan for a 49-unit condominium/duplex ground up development which was financed on a 2-year fixed rate loan with interest only payments for the full term.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$19,150,000.00

Monthly NOI$127,666.67
Monthly Debt Service$121,041.03
Change in Cash Flow$0.00
Refinance Proceeds$0.00