Updated Jun 16, 2026
FINANCEDDevelopment Site
Lee Oller & Josh Reed Of Merchants Capital Arrange $33.8 Million Loan For Village Of Valor
2701 2nd Avenue North
$33,800,000
Units
54
Asset Type
Development Site
Closing
Jun 15, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 2701 2nd Avenue North in Palm Springs, Florida. The property is designated for a 54-unit affordable housing project named Village of Valor, specifically aimed at serving military veterans and their families.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $33,800,000
- Lender: Lee Oller & Josh Reed - Merchants Capital; Merchants Bank
- Landlord: Sue Wiemer - Turnstone Development Corporation; Joshua W. Maddock - Faith, Hope, Love, Charity, Inc
- Loan Type: Construction
The deal is structured with Merchants Capital having arranged financing that includes LIHTC equity and Freddie Mac-backed debt. The development is being led by Turnstone Development and Faith Hope Love Charity, with an expectation for completion roughly 18 months after the project started in April 2026, featuring income-restricted units and on-site supportive services.
On the Map
$33,800,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93