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Carlo Baldassarra Of GT Homes Secures $29.74M Construction Loan From Canadian Imperial Bank Of Commerce

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FINANCED
$29,740,000

Florida

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Church
Financed 12/30/2024
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FINANCED

Carlo Baldassarra Of GT Homes Secures $29.74M Construction Loan From Canadian Imperial Bank Of Commerce

Church
Financed 12/30/2024
the dealplayerscompscontact
Contact now

Summary

Asset Type:Church
Transaction Type:Loan

The property involved in this transaction is a development site located at the NEC of Northwest 87th Avenue & Northwest 162nd Street in Pembroke Pines. GT Homes is set to develop 37 single-family homes on this 16.67-acre site. The homes will range in size from 2,400 to 8,000 square feet and are intended to be priced starting from $1.5 million.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $29,740,000
  • Lender: Canadian Imperial Bank of Commerce
  • Landlord: Carlo Baldassarra - GT Homes
  • Loan Type: Construction

The transaction is represented by Carlo Baldassarra, who is affiliated with GT Homes. The financing acquired from CIBC is specifically designated for the construction of the new homes as part of the Miami Lakes development project.

Players

Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce
LENDER

Details

FINANCED
IMAGE: Carlo Baldassarra DATE: 12/30/2024 ADDRESS: NEC of Northwest 87th Avenue & Northwest 162nd Street MARKET: Pembroke Pines ASSET TYPE: Development Site LENDER: Canadian Imperial Bank of Commerce (@CIBC) LANDLORD: Carlo Baldassarra - GT Homes LOAN AMOUNT: $29,740,000 LOAN TYPE: Construction NOTE: GT Homes secured a $29.74 million construction loan from CIBC for its Miami Lakes development, covering a 16.67-acre site for 37 single-family homes. The homes will range from 2,400 to 8,000 square feet, priced from $1.5 million.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$29,740,000.00

Monthly NOI$198,266.67
Monthly Debt Service$187,977.03
Change in Cash Flow$0.00
Refinance Proceeds$0.00