FINANCED
Trez Capital Provides $21.5M Construction Loan For Clearwater Condo At 415 Island Way
415 Island Way, Clearwater, FL, USA
$21,492,865
$362/SF
Building Size
59,241 SF
Asset Type
—
Closing
Sep 30, 2021
About this deal
AI
The property involved in this transaction is a condo located at 415 Island Way in Clearwater. The condo sits on a 1.36-acre lot.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $21,492,865
- Address: 415 Island Way
- Market: Clearwater
- Lender: Trez Capital - Brett Forman & Scott Mehlman
- Landlord: Azure Development Group LP
- Loan Type: Construction Loan
Trez Capital represented by Brett Forman & Scott Mehlman provided a construction loan in the amount of $21,492,865 for the condo located at 415 Island Way. Azure Development Group LP is the landlord for this property.
Players
Trez CapitalLender
Clearwater 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
0.74%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93