Moderno Development Group Secures $102M Construction Loan For Fort Lauderdale Multifamily Property
307 Southwest 5th Street, Fort Lauderdale, Florida 33315, United States
$102,000,000
Building Size
—
Asset Type
Development Site
Closing
May 22, 2022
AI
Moderno Development Group has secured a $102 million construction loan for a multifamily property in Fort Lauderdale. Located at 307 SW 5th St, the property consists of 352 units and spans a total of 253,594 square feet. The loan was provided by Square Mile Capital, enabling Moderno Development Group to proceed with the construction project.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $102,000,000
- Units: 352
- Square Footage: 253,594
- Address: 307 SW 5th St
- Market: Fort Lauderdale
Peter Mekras of Aztec Group represented the borrower, Moderno Development Group, in the transaction. Doron Broman, the developer of Moderno Development, managed the deal on behalf of the company. This construction loan will facilitate the development of the multifamily property, contributing to the growth of Fort Lauderdale's real estate market.
Players
Fort Lauderdale Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93