Urban Bay Financial Arranges $2.24M Construction Loan For Development Site On Woodland Dr In Rockledge

A $2,240,000 construction loan has been secured for a development site located at 1551 Woodland Dr in Rockledge. The site spans 17 acres and has a total square footage of 46.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,240,000
• Address: 1551 Woodland Dr
• Market: Rockledge
• Acres: 17
• Square Footage: 46

The landlord, Paul Shapansky, approached Angelique Blake and Caleb Walsh from Urban Bay Financial to secure financing for a bridge loan. The initial plan was to use the funds to construct a 360-unit multi-family property. However, after a site visit and further analysis, it was decided that the property would be better suited for the construction of townhomes instead of apartment buildings. Adjustments were made to the project plans, including obtaining a new survey.

Urban Bay Financial, led by director Caleb Walsh, successfully arranged the $2,240,000 loan for Paul Shapansky and the entire team at Trinity JV Partners LLC. Angelique Blake from Urban Bay Financial was instrumental in facilitating the financing for this development project.

Note from Broker: Paul Shapansky approached Angelique Blake, a broker at Urban Bay Financial, about financing a $73,000,000 bridge loan for the construction of a multi-family property. However, the property was not fully entitled, leading to the decision to pursue a smaller pre-development loan instead.