Updated Dec 4, 2024
Santander Bank Provides $42.45M Construction Loan For Palm Springs Development Site
2085 South Congress Avenue, Palm Springs, Florida 33406, United States
$42,450,000
Building Size
—
Asset Type
Development Site
Closing
Apr 17, 2023
About this deal
AI
A development site in Palm Springs, located at 2085 South Congress Ave. and 3243 Lillian Road, has secured a construction loan from Santander Bank. The loan amount for the project is $42,450,000. The site spans an impressive 18.4 acres, making it ideal for future development.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $42,450,000
- Address: 2085 South Congress Ave. & 3243 Lillian Road
- Market: Palm Springs
- Loan Type: Construction Loan
The project is led by Mast Capital, along with Camilo Miguel Jr., Rockpoint Group, and Spear Group serving as landlords. Camilo Miguel Jr. represents Mast Capital in this deal. Their expertise and involvement demonstrate their commitment to the success of this development.
Players
Palm Springs 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
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93