Carlo Baldassarra Of GT Homes Secures $29.74M Construction Loan From Canadian Imperial Bank Of Commerce
$29,740,000
Building Size
—
Asset Type
Church
Closing
Dec 30, 2024
About this deal
AI
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
Market Church Market Snapshot
Boundary boundary · Church · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93