Updated Dec 4, 2024
Brett Forman Of Forman Capital Provides $113.6 Million Loan For Development Site In Naples
1933 Tamiami Trail
$113,604,228
Building Size
—
Asset Type
Development Site
Closing
Nov 12, 2024
About this deal
AI
The asset involved in the transaction is a development site located at 1933 Tamiami Trail in Naples, covering an area of 5.3 acres. The loan amount secured for this development is $113,604,228, designated for construction purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $113,604,228
- Lender: Brett Forman - Forman Capital
- Loan Type: Construction
- Project Name: Aura at Metropolitan Naples
- Number of Residences: 56 luxury residences
- First Building: Ascent
- Total Residential Units in Development: 270
- Expected Completion: 2024
Brett Forman, representing Forman Capital, provided the financing for this construction project, which includes a 15-story tower and is part of a larger mixed-use development initiative. The construction of Ascent is currently underway.
Players
Naples Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93