BGI Capital And Wexcor Capital Secure $95M Construction Loan For Alba Palm Beach Condo In West Palm Beach
4714 North Flagler Drive
$95,000,000
Units
55
Asset Type
Condo
Closing
Nov 10, 2023
About this deal
AI
The Alba Palm Beach condominium located at 4714 North Flagler Drive in West Palm Beach has secured a $95 million construction loan. The 22-story, 55-unit project is expected to be completed by early 2025. The previous year, developer BGI Capital and investor Wexcor Capital obtained an $82 million construction loan from Trez Capital for the same project.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $95,000,000
- Address: 4714 North Flagler Drive, West Palm Beach
- Market: West Palm Beach
Jody Kriss, representing Kriss Capital, acted as the lender for the $95 million construction loan. The landlord for the Alba Palm Beach condominium includes Kenneth Baboun and Robert Barthelmess from BGI Capital, as well as Ron Wexler from Wexcor Capital. BGI Capital and Wexcor Capital have partnered together for this development, with BGI Capital previously securing an $82 million construction loan from Trez Capital.
On the Map
$95,000,000
Condo
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Players
West Palm Beach Condo Market Snapshot
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93