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Centennial Bank Provides $10.4M Loan For Development Site In Fort Lauderdale

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FINANCED
$10,400,000

Florida

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Development Site115,866 SF
Financed 02/25/2020
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Property Image
FINANCED

Centennial Bank Provides $10.4M Loan For Development Site In Fort Lauderdale

2401 W Broward Blvd, Fort Lauderdale, FL, USA

See Similar Deals
Development Site115,866 SF
Financed 02/25/2020
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$89
Total Square Footage:115,866 SF
Transaction Type:Loan

The development site located at 2401 West Broward Blvd in Fort Lauderdale has been involved in a recent transaction. The property is a combination of self-storage and retail space, making it a versatile asset in the market. The deal took place on February 25, 2020, and included key individuals and companies.

Summary of transaction details

  • Property Type: Development site - Self Storage/ Retail
  • Transaction Date: 02/25/2020
  • Address: 2401 West Broward Blvd
  • Market: Fort Lauderdale
  • Loan Amount: $10,400,000
  • BSF (Building Square Footage): 115,866

The lender involved in the transaction was Centennial Bank, with Johnny Allison representing the bank. On the other hand, Riverbend Storage Property LLC, owned by Merrimac Ventures and Hernandez Construction, acted as the landlord. Dev Motwani represented Riverbend Storage Property LLC in the deal.

Players

Centennial Bank
Centennial Bank
LENDER
MV
Merrimac Ventures
LANDLORD
HC
Hernandez Construction
LANDLORD

Details

FINANCED
IMAGE: Johnny Allison & Dev Motwani DATE: 02/25/2020 ADDRESS: 2401 West Broward Blvd MARKET: Fort Lauderdale ASSET TYPE: Development site - Self Storage/ Retail LENDER: Centennial Bank - Johnny Allison LANDLORD: Riverbend Storage Property LLC (Merrimac Ventures & Hernandez Construction) - Dev Motwani LOAN AMOUNT: $10,400,000 BSF: 115,866

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$10,400,000.00

Monthly NOI$69,333.33
Monthly Debt Service$65,735.07
Change in Cash Flow$0.00
Refinance Proceeds$0.00