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3300 Boutwell Rd Lake Worth...

Updated Oct 25, 2024

Avery Lake Worth Lake Worth Beach Development Site Secures $38.23M Construction Loan From American Equity Investment Life Insurance Co
FINANCEDDevelopment Site

Avery Lake Worth Lake Worth Beach Development Site Secures $38.23M Construction Loan From American Equity Investment Life Insurance Co

3300 Boutwell Rd Lake Worth, FL 33461, USA

$38,230,000

Units

200

Asset Type

Development Site

Closing

Aug 11, 2023

About this deal

AI

Avery Lake Worth, a 4.7-acre development site located at 3300 Boutwell Road in Lake Worth Beach, Florida, is set to undergo a transformation. Accesso and Meyers Group have secured a $38.23 million construction loan from American Equity Investment Life Insurance Co. to develop a 200-unit apartment project on the site. The project is expected to offer a range of amenities including a pool, gym, and dog park, with an estimated completion date of mid-2025.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $38,230,000
  • Address: 3300 Boutwell Road
  • Market: Lake Worth Beach
  • Landlord: Accesso - Ariel Bentata; Meyers Group - Stuart Meyers

Contacted by Chris Hammel and Dave Gahagan from Northmarq, American Equity Investment Life Insurance Co. stepped in as the lender for the project. The loan granted will fund the construction of the 200-unit apartment project, bringing to life Accesso and Meyers Group's vision for Avery Lake Worth.

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$38,230,000

Development Site

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Players

Chris Hammel

NorthMarq Capital

Broker

$265.7M

vol

5 deals

Broker
American Equity Investment Life Insurance
American Equity Investment Life InsuranceLender
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Lake Worth Beach Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.41%

Cash-on-Cash

-0.12%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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