Flagstar Bank Provides $14.1M Construction Loan For Development Site In Homestead, FL

A development site located at 19355 Southwest 304th Street in Homestead, FL has recently undergone a closed transaction in Miami, FL. The property consists of 98 units and was the subject of a loan for construction purposes.

Summary of Transaction Details:

• Property Type: Development Site
• Transaction Amount: $14,100,000
• Lender: Flagstar Bank
• Landlord: Douglas Caraballo, Camilo Nino & Mitch Garrett
• Brokers: Justin Piasecki & Thomas Butler - George Smith Partners

The loan provided for the project amounted to $14,100,000 and was of the construction type. The terms of the loan included a 2-year term with extension options. The interest rate was determined as Prime + 50, and the loan-to-cost ratio (LTC) was set at 60%. Additionally, the loan was non-recourse, meaning the borrowers were not personally liable for repayment.