Trez Capital Provides $82M Construction Loan For Condo Development In West Palm Beach
4714 North Flagler Drive, West Palm Beach, Florida 33407, United States
$82,000,000
$301/SF
Building Size
271,837 SF
Asset Type
—
Closing
Apr 21, 2022
About this deal
AI
A construction loan has been secured for a condo property located at 4714 N Flagler Dr in West Palm Beach. The condo spans 271,837 square feet and consists of 55 units within a 1.7-acre land parcel.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $82,000,000
- Address: 4714 N Flagler Dr
- Market: West Palm Beach
- Units: 55
- Acreage: 1.7
Trez Capital, represented by Ben Jacobson, will be providing the construction loan for this project. The borrower, BGI Companies, is represented by Kenneth Baboun and Robert Barthelmess.
Players
West Palm Beach 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
0.19%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93