Updated Oct 29, 2024
Wells Fargo Provides $240M Construction Loan For Selene Oceanfront Residences, Fort Lauderdale
3000 Alhambra Street, Fort Lauderdale, Florida 33304, United States
$240,000,000
Units
194
Asset Type
Development Site
Closing
Apr 17, 2023
About this deal
AI
The Selene Oceanfront Residences development site in Fort Lauderdale has secured a construction loan of $240,000,000 from Wells Fargo. The development, located at 3000 Alhambra Street, will consist of two 26-story towers with a total of 194 units. The property will also include 5,400 square feet of restaurant space at the base.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $240,000,000
- Address: 3000 Alhambra Street, Fort Lauderdale
- Lender: Wells Fargo
- Landlord: Kolter Group - Bob Vail & Bobby Julien
Bob Vail & Bobby Julien, representing the Kolter Group, played a key role as the landlords in this transaction. Their involvement ensures the successful development of the Selene Oceanfront Residences in Fort Lauderdale.
On the Map
$240,000,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93