Trez Capital Provides $48M Construction Loan For Senior Housing In Sarasota
3415 Broadway Avenue, West Palm Beach, FL, USA
$48,000,000
$18,750/SF
Building Size
2,560 SF
Asset Type
Co-Op
Closing
Jul 26, 2020
About this deal
AI
Located at 3415 Broadway Avenue in Sarasota, this senior housing property was involved in a recent closed transaction. The deal was facilitated by Trez Capital, represented by Scott Mehlman and Brett Forman. The loan amount for this construction project was $48,000,000, and the property spans across 6 acres with a total of 183 units. US Senior LLC acts as the landlord for this asset in the Sarasota market.
Summary of transaction details
- Property Type: Senior Housing
- Transaction Amount: $48,000,000
- Address: 3415 Broadway Avenue, Sarasota
- Market: Sarasota
- Loan Type: Construction
- Units: 183
- Acres: 6
In addition to the key details of the transaction, Scott Mehlman and Brett Forman from Trez Capital played crucial roles as the lender representatives. Their expertise and involvement contributed to the successful completion of the deal.
Players
West Palm Beach Co-Op Market Snapshot
Boundary boundary · Co-Op · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93