PHASE Housing Corporation, Inc Secures $17.5M Construction Loan For Senior Housing In West Palm Beach
325 Executive Center Drive, West Palm Beach, Florida 33401, United States
$17,529,400
Units
200
Asset Type
—
Closing
Apr 6, 2022
About this deal
AI
The senior housing property located at 325 Executive Center Dr in West Palm Beach has been involved in a recent transaction. The property consists of 200 units and is owned by PHASE Housing Corporation, Inc, represented by Paul Ponte. The lender for this transaction is greystone''>Greystone, with Jon Morales representing them.
Summary of transaction details:
- Property Type: Senior Housing
- Transaction Amount: $17,529,400
- Address: 325 Executive Center Dr
- Market: West Palm Beach
- Units: 200
This construction loan was provided by Greystone to PHASE Housing Corporation, Inc. The loan is a non-recourse HUD-insured loan with a 40-year term at a low, fixed rate. The loan will be used for the construction of the senior housing property.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.90%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93