Monroe Capital Provides $170M Construction Loan For Development Site In West Palm Beach
FINANCED
$170,000,000
Florida
See Similar DealsDevelopment Site
Financed 05/04/2022
FINANCED
Monroe Capital Provides $170M Construction Loan For Development Site In West Palm Beach
10601 Coconut Boulevard, West Palm Beach, Florida 33412, United States
See Similar DealsDevelopment Site
Financed 05/04/2022
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
Located at 10601 Coconut Blvd in West Palm Beach, this development site is a prime asset covering 392 acres. The property includes 218 units, making it an attractive investment opportunity in the area.
Summary of Transaction Details:
- Property Type: Development Site
- Transaction Amount: $170,000,000
- Address: 10601 Coconut Blvd
- Market: West Palm Beach
- Units: 218
- Acres: 392
The loan for this project is provided by Monroe Capital, with Kyle Asher representing the lending institution. The loan is a construction loan, totaling $170,000,000. The structure of the loan includes two term loans, a revolver, and a construction loan, which also has a revolver structured within it. Faisal Ashraf from Lotus Capital Partners served as the broker for this transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$170,000,000.00
Monthly NOI$1,133,333.33
Monthly Debt Service$1,074,515.64
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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