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Israel Discount Bank Provides $55.6M Construction Loan For 101 Dania Beach Apartments
FINANCED
$55,600,000
Florida
See Similar DealsDevelopment Site
Financed 02/01/2024
FINANCED
Israel Discount Bank Provides $55.6M Construction Loan For 101 Dania Beach Apartments
101 Southwest 1st Street
See Similar DealsDevelopment Site
Financed 02/01/2024
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
Israel Discount Bankof New York has provided a $55.6 million construction loan for the first phase of 101 Dania Beach apartments. The loan is for the development site located at 101 Southwest 1st Street in Dania Beach, spanning 1.89 acres. The project will consist of 278 apartments in a 13-story building, with construction expected to be completed in 22 months. The loan will support the construction of the apartments along with various amenities.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $55,600,000
- Address: 101 Southwest 1st Street, Dania Beach
- Market: Dania Beach
- Loan Type: Construction Loan
The individuals and companies involved in the deal are Edward Abbo from Apollo Cos. and Leon Ojalvo from Liberty Base Investments. They are the landlords of the property. Israel Discount Bank acted as the lender, providing the construction loan for the project.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$55,600,000.00
Monthly NOI$370,666.67
Monthly Debt Service$351,429.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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