Jesse Baker Of Freehold Capital Management Acquires 50-Acre Development Site In Florida City For $31.6M
19700 Southwest 344th Street
$31,600,000
Building Size
—
Asset Type
Development Site
Closing
Apr 24, 2025
About this deal
AI
A 50-acre development site located at 19700 Southwest 344th Street in Florida City has been sold for $31.6 million. The asset is approved for the construction of 309 rental townhomes under a workforce housing plan. The site was previously sold for $6.25 million in 2021. The transaction involved $11.6 million in seller financing.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $31,600,000
- Buyer: Jesse Baker - Freehold Capital Management
- Seller: Maurice Cayon & Tomas Cabrerizo - Legacy Residential Group
- Lender: Investment Property Exchange Services
- Acreage: 50
- Market: Florida City
- Approval: 309 rental townhomes under a workforce housing plan
Jesse Baker represented Freehold Capital Management in this transaction, acquiring the site from TC MC Homestead 50 LLC, which is managed by Maurice Cayon and Tomas Cabrerizo of Legacy Residential Group. This deal adds to the ongoing development efforts aimed at addressing housing needs in Florida City.
On the Map
$31,600,000
Development Site
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Players
Florida City Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93