Updated Mar 3, 2026
Monroe Capital Provides $170M Construction Loan For Development Site In West Palm Beach
10601 Coconut Boulevard, West Palm Beach, Florida 33412, United States
$170,000,000
Units
218
Asset Type
Development Site
Closing
May 3, 2022
About this deal
AI
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.
Players
West Palm Beach Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93