SOLD
Ocean Bank Provides $19.5M Construction Loan For 130-Unit Property In DeBary
2841 Enterprise Rd
Building Size
—
Asset Type
—
Closing
Sep 15, 2022
AI
The construction property located at 2841 Enterprise Rd in DeBary has been involved in a recent loan transaction. The property comprises 130 units and spans 211,500 square feet.
Summary of transaction details
- Property Type: Construction
- Transaction Amount: $19,500,000
- Market: DeBary
- Lender: Ocean Bank
- Landlord: Tilmar Hansen
- Broker: Brandon Perdeck - Aries Capital
Ocean Bank granted a loan of $19,500,000 to refinance the construction property at 2841 Enterprise Rd. The loan terms include a construction loan and a mini-perm arrangement.
Players
Debary CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93