Cornerstone Capital Financing Secures $4.2MM Construction Loan On Highland Beach Development Site

The development site located at 1087 Bel Lido Drive in Highland Beach, with a building square footage of 8,500 and a buildable square footage of 11,000, has secured a construction loan amounting to $4,200,000 from Waterman Bank. The loan terms include a 24-month duration, Prime + 1 interest rate, and a 75% Loan-To-Cost ratio. The landlord, John Zainesso, facilitated this transaction. Russell Nova and Igor Zakh from Cornerstone Capital Financing acted as the brokers in this deal.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $4,200,000
• Address: 1087 Bel Lido Drive
• Market: Highland Beach
• Building Square Footage: 8,500
• Buildable Square Footage: 11,000

Russell Nova and Igor Zakh from Cornerstone Capital Financing were instrumental in securing the financing for the development site, emphasizing their commitment to fostering long-term relationships with clients. The brokers worked closely with the borrower to ensure the fulfillment of all key points and the successful execution of the loan agreement. For those interested in commercial and multifamily financing, Cornerstone Capital Financing offers a variety of products, with a particular focus on high-end spec homes and fix-and-flip projects. To learn more about their services, individuals can reach out to Russell Nova or Igor Zakh through the provided contact information.