Jorge Pérez, Jon Paul Pérez & Nick Pérez Of Related Group Secure $307M Loan For Rosewood Residences
1174-1185 Hillsboro Mile
$307,000,000
Units
70
Asset Type
Development Site
Closing
Dec 2, 2024
AI
The property asset involved in the transaction is an 11.8-acre development site located at 1174-1185 Hillsboro Mile, situated in Hillsboro Beach. The site is set for a luxury residential project known as Rosewood Residences, which will feature 70 condominiums and various high-end amenities.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $307,000,000
- Lender: Apollo Global Management
- Landlord: Jorge Pérez, Jon Paul Pérez & Nick Pérez - Related Group; Gil Dezer & Michael Dezer - Dezer Development
- Construction Loan Amount: $307,000,000
- Completion Year: 2026
- Architectural Design: Arquitectonica
- Unit Status: Over 50% of units pre-sold
The deal involves key representatives from Related Group and Dezer Development, with Jorge Pérez, Jon Paul Pérez, Nick Pérez, Gil Dezer, and Michael Dezer playing significant roles in the financing and development of the Rosewood Residences project. The project has overcome zoning challenges and received approval for a 10-story design, contributing to its development timeline.
Players
Hillsboro 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
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93