Updated Oct 29, 2024
Northwestern Mutual Life Insurance Company Provides $47M Loan For Development Site On Banyan Boulevard In West Palm Beach
303 Banyan Boulevard, West Palm Beach, FL, USA
$47,000,000
$1,100/SF
Building Size
42,727 SF
Asset Type
Development Site
Closing
Jan 11, 2021
About this deal
AI
A development site located at 303 Banyan Boulevard in West Palm Beach has recently undergone a closed transaction. The property, owned by Woodfield Development represented by Mike Underwood and Greg Bonifield, has attracted attention from the lending community.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $47,000,000
- Lender: Northwestern Mutual Life Insurance Company
- Landlord: Woodfield Development - Mike Underwood & Greg Bonifield
- Note: The loan amount of $47,000,000 was secured for the development site.
Northwestern Mutual Life Insurance Company played a crucial role in the transaction as the lender. Woodfield Development, represented by Mike Underwood and Greg Bonifield, acted as the landlord. Together, they facilitated the successful financing and acquisition of the development site.
On the Map
$47,000,000
$1,100/SF
Development Site
View full map
Players
West Palm Beach Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Visit Mike Underwood to view all their deals.
Browse Florida development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93