Updated Dec 4, 2024
Hard Money Lenders Provides $8M Bridge Loan For Development Site In Naples
3455 Gin Lane
$8,000,000
$775/SF
Building Size
10,317 SF
Asset Type
Development Site
Closing
May 15, 2024
About this deal
AI
The development site located at 3455 Gin Lane in Naples, Florida, spans 10,317 square feet with a buildable square footage of 20,937. The property served as the collateral for a Bridge Loan worth $8,000,000 facilitated by Yuval Elkeslasi of Hard Money Lenders IO.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $8,000,000
- Address: 3455 Gin Lane
- Market: Naples, Florida
- Lender: Yuval Elkeslasi - Hard Money Lenders IO
- Loan Type: Bridge Loan
- Loan Terms: 1 Year Bridge Loan
The borrower, an experienced spec home builder in Naples, secured the $8 million construction loan for a spec home in Port Royal Naples through the assistance of Hard Money Lenders IO, a boutique private money lender based in Aventura, Florida.
Players
Naples 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
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93