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Goldman Sachs Provides $115M Construction Loan For Regency Parc Apartment Building In Coral Gables
FINANCED
$115,000,000
Florida
See Similar DealsDevelopment Site
Financed 11/14/2023
FINANCED
Goldman Sachs Provides $115M Construction Loan For Regency Parc Apartment Building In Coral Gables
Development Site
Financed 11/14/2023
Summary
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$115,000,000.00
Monthly NOI$766,666.67
Monthly Debt Service$726,878.23
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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