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Bruce Gago - FCP Invests $11.1M In Preferred Equity For 1000 Jacaranda Development Site In Venice, FL

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FINANCED
$11,100,000

Florida

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Development Site
Financed 01/22/2024
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FINANCED

Bruce Gago - FCP Invests $11.1M In Preferred Equity For 1000 Jacaranda Development Site In Venice, FL

Development Site
Financed 01/22/2024
the dealplayerscompscontact
Contact now

Summary

Asset Type:Development Site
Transaction Type:Loan

FCP® has invested $11.1 million in preferred equity through its Structured Investments platform for the development of 1000 Jacaranda, a 216-unit multifamily project in Venice, FL, in collaboration with Middle Street Partners.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $11,100,000
  • Lender: Bruce Gago - FCP
  • Landlord: Ryan Knapp - Middle Street Partners
  • Loan Type: Equity

Bruce Gago, leading FCP's Florida office, highlighted the investment's affirmation of their expansion strategy in high-growth locations with strong sponsors.

Players

FCP
FCP
LENDER
MP
Middle Street Partners
LANDLORD

Details

FINANCED
IMAGE: Ryan Knapp & Bruce Gago DATE: 01/22/2024 ADDRESS: 1000 Jacaranda Boulevard MARKET: Venice ASSET TYPE: Development Site LENDER: Bruce Gago - FCP LANDLORD: Ryan Knapp - Middle Street Partners LOAN AMOUNT: $11,100,000 LOAN TYPE: Equity NOTE: FCP® has invested $11.1 million in preferred equity through its Structured Investments platform for the development of 1000 Jacaranda, a 216-unit multifamily project in Venice, FL, in collaboration with Middle Street Partners. Bruce Gago, leading FCP's Florida office, highlighted the investment's affirmation of their expansion strategy in high-growth locations with strong sponsors.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$11,100,000.00

Monthly NOI$74,000.00
Monthly Debt Service$70,159.55
Change in Cash Flow$0.00
Refinance Proceeds$0.00