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Santander Bank Provides $67 Million Loan For Development Site By Morgan Group And Carlyle Group

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FINANCED
$67,000,000

Florida

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Development Site
Financed 10/25/2024
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Property Image
FINANCED

Santander Bank Provides $67 Million Loan For Development Site By Morgan Group And Carlyle Group

1200 East Copans Road

See Similar Deals
Development Site
Financed 10/25/2024
the dealdetailscomps

Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

The asset involved in this transaction is a development site located at 1200 Northeast 23rd Street in Pompano Beach, covering an area of 5.4 acres. The developers acquired this site for $18.86 million last month, with significant plans for a 356-unit apartment project.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $67,000,000
  • Address: 1200 Northeast 23rd Street
  • Market: Pompano Beach
  • Lender: Santander Bank
  • Landlord: Philip Morgan - Morgan Group
  • Landlord: Harvey Schwartz - Carlyle Group
  • Acquisition Price: $18,860,000
  • Site Area: 5.4 acres

The financing for this project was arranged by Santander Bank, which issued a loan amounting to $67 million. The deal involves the collaborative efforts of the Morgan Group and Carlyle Group in the development of the apartment complex on the former Macy's site at Pompano Citi Centre Mall.

Details

FINANCED
IMAGE: Harvey Schwartz & Philip Morgan DATE: 10/25/2024 ADDRESS: 1200 Northeast 23rd Street MARKET: Pompano Beach ASSET TYPE: Development Site ~ ACRES: 5.4 LENDER: Santander Bank (@SantanderBankUS) LANDLORD: Philip Morgan - Morgan Group; Harvey Schwartz - Carlyle Group (@OneCarlyle) LOAN AMOUNT: $67,000,000 NOTE: Santander Bank has issued $67 million in financing for a 356-unit apartment project by Morgan Group and Carlyle Group on the former Macy's site at Pompano Citi Centre Mall in Pompano Beach, Fla. The developers acquired the 5.4-acre site for $18.86 million last month.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$67,000,000.00

Monthly NOI$446,666.67
Monthly Debt Service$423,485.58
Change in Cash Flow$0.00
Refinance Proceeds$0.00