Related Group Secures $158.9M Construction Loan For Casamar Residences In Pompano Beach
900 N Ocean Blvd Pompano Beach, Fl 33062, Usa
$158,900,000
Building Size
—
Asset Type
Condo
Closing
Sep 9, 2023
About this deal
AI
The Related Group has obtained a $158.9 million construction loan for its Casamar Residences condo project in Pompano Beach, Florida. The loan, provided by CIBC Bank USA, will help fund the development of 119 oceanfront condos with prices starting at $1.8 million, with completion expected in 2025. The Casamar Residences project is located at 900 North Ocean Boulevard and spans 3.07 acres in the Pompano Beach market.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $158,900,000
- Address: 900 North Ocean Boulevard
- Market: Pompano Beach
- Loan Type: Construction Loan
The construction loan for the Casamar Residences condo project was secured by The Related Group, with CIBC Bank USA acting as the lender. The project is being developed by Jorge Pérez and Jon Paul Pérez, representatives of the Related Group and the project's landlords. The development will consist of 119 oceanfront condos, with prices starting at $1.8 million. It is expected to be completed in 2025.
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$158,900,000
Condo
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93