Daniel E. Edwards Purchases Horizon Of Delray Beach Co-Op For $18 Million With Mortgage
1191 South Ocean Boulevard
$18,000,000
Units
10
Asset Type
Co-Op
Closing
Jul 1, 2025
About this deal
AI
The co-op, located at 1191 South Ocean Boulevard in Delray Beach, was built in 1952 and consists of 10 units. It sold for $18 million, resulting in a price per unit of $1.8 million.
Summary of transaction details:
- Property Type: Co-Op
- Transaction Amount: $18,000,000
- Buyer: Daniel E. Edwards - 1191 S. Ocean Blvd LLC
- Lender: 1191 S. Ocean CJ LLC
- Units: 10
- Price Per Unit: $1,800,000
The sale was approved by the co-op board and indicates potential redevelopment opportunities. Daniel E. Edwards, who secured a $10 million mortgage, already owns one of the units and possesses multiple high-value properties in the area.
On the Map
$18,000,000
Co-Op
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Delray Beach Co-Op Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93