Updated Nov 8, 2026
Court Club Real Estate Secures $10.8 Million Construction Loan For Racquet Sports Club In Palm Springs
1591 Kirk Road
$10,800,000
Building Size
—
Asset Type
Development Site
Closing
Nov 4, 2026
About this deal
AI
The property asset involved in the transaction is a development site located at 1591 Kirk Road in Palm Springs, Florida. This site spans 5.07 acres and is designated for the construction of a private racquet sports club. The deal involves a construction loan amounting to $10,800,000 secured from Citizens Bank.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $10,800,000
- Address: 1591 Kirk Road
- Market: Palm Springs, FL
- Loan Type: Construction
- Lender: Citizens Bank
- Landlord: John Lewis, Danny Sheinbaum & Gary Sheinbaum - Court Club Real Estate; Ned Grace, Sam Grace & Nick Coniglio - NDT Development; Paul Bernon & Terry Sanford - Saber Capital; Jonathan Natko - Blueball Capital - 1591 Kirk Road Partners LLC
The deal features multiple key individuals and companies involved in the development. The project being financed will offer amenities such as tennis, padel, and pickleball courts, a spa, fitness center, pool, and restaurant, with anticipated completion in March 2027.
On the Map
$10,800,000
Development Site
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Players
Kirk 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
1.47%
Cash-on-Cash
-0.42%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93