Madison Realty Capital Provides $172M Loan For Hollywood And Pompano Beach Condo Projects
101 North Ocean Drive, Hollywood, Florida 33019, United States
$172,000,000
Units
400
Asset Type
Condo
Closing
May 18, 2022
About this deal
AI
A loan in the amount of $172,000,000 has been secured for the acquisition and construction of a property in Hollywood, FL and Pompano Beach, FL. The property consists of a condominium complex with 400 units in Hollywood, FL and a condominium construction project with 121 units in Pompano Beach, FL. The address of the property is 101 N. Ocean Dr. in Hollywood, FL and 2635 North Riverside Drive in Pompano Beach, FL.
Summary of transaction details
- Property Type: Condo 400 units and Condo Construction 121 Units
- Transaction Amount: $172,000,000
- Lender: Madison Realty Capital - Josh Zegen
- Landlord: Chetrit Group
- Broker: Henry Bodek - Galaxy Capital
The loan was provided by Madison Realty Capital, with Josh Zegen representing the lender. The landlord in this transaction is the Chetrit Group. The broker involved in this deal is Henry Bodek from Galaxy Capital.
Players
Hollywood Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93