Bank OZK Provides $110M Construction Loan For Great Gulf's West Palm Beach Residential Condo Development
FINANCED
$110,000,000
Florida
See Similar DealsDevelopment Site107,815 SF
Financed 02/05/2021
FINANCED
Bank OZK Provides $110M Construction Loan For Great Gulf's West Palm Beach Residential Condo Development
1515 South Flagler Drive, West Palm Beach, FL, USA
See Similar DealsDevelopment Site107,815 SF
Financed 02/05/2021
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$1,020
Total Square Footage:107,815 SF
Transaction Type:Loan
The property involved in the transaction is a development site located at 1515 South Flagler Drive in West Palm Beach. The asset type is a residential condo with a total of 83 units.
Summary of transaction details:
- Property Type: Dev. site (Residential Condo)
- Transaction Amount: $110,000,000
- Address: 1515 South Flagler Drive
- Market: West Palm Beach
- Units: 83
The lender in this transaction is Bank OZK, providing a construction loan for the amount of $110,000,000. The landlord and developers of the property are Great Gulf represented by Niall Collins & Ilias Konstantopoulos.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$110,000,000.00
Monthly NOI$733,333.33
Monthly Debt Service$695,274.83
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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