Goldman Sachs Provides $115M Construction Loan For Regency Parc Apartment Building In Coral Gables
$115,000,000
Building Size
—
Asset Type
Development Site
Closing
Nov 14, 2023
AI
Codina Partners has secured a $115 million construction loan from Goldman Sachs for the development of Regency Parc, an 18-story luxury apartment building located at 2601 Salzedo Street in Coral Gables. The development site spans over 1.75 acres and is set to offer spacious units upon completion in 2025.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $115,000,000
- Address: 2601 Salzedo Street
- Market: Coral Gables
In partnership with Armando Codina, Codina Partners obtained $75 million in equity for the development, with Goldman Sachs providing the remaining $115 million through a construction loan. The 18-story luxury apartment building aims to provide residents with an exceptional living experience in the Coral Gables market.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
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