Vertix Group Provides $20M Bridge Loan For Development Site In Coral Gables
FINANCED
$20,000,000
Florida
See Similar DealsDevelopment Site
Financed 12/02/2022
FINANCED
Vertix Group Provides $20M Bridge Loan For Development Site In Coral Gables
1505 Ponce De Leon Boulevard
See Similar DealsDevelopment Site
Financed 12/02/2022
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
A development site located at 1505 Ponce De Leon Boulevard in Coral Gables has secured a $20,000,000 bridge loan. The property, situated in an attractive market, is expected to undergo development in the near future.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $20,000,000
- Address: 1505 Ponce De Leon Boulevard
- Market: Coral Gables
The bridge loan was provided by Vertix Group, represented by Albert Arisso and Frank Hermosa. The loan will provide the necessary financing for the development of the property, allowing for further progress in the Coral Gables market.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$20,000,000.00
Monthly NOI$133,333.33
Monthly Debt Service$126,413.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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