Northwestern Mutual Life Insurance Company Provides $47M Loan For Development Site On Banyan Boulevard In West Palm Beach
FINANCED
$47,000,000
Florida
See Similar DealsDevelopment Site42,727 SF
Financed 01/12/2021
FINANCED
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
See Similar DealsDevelopment Site42,727 SF
Financed 01/12/2021
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$1,100
Total Square Footage:42,727 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$47,000,000.00
Monthly NOI$313,333.33
Monthly Debt Service$297,071.97
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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