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Matthew Pellar Of TM Real Estate Secures $53.5 Million Construction Loan From Truist Bank

Property Image
FINANCED
$53,500,000

Florida

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Development Site
Financed 03/12/2025
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Property Image
FINANCED

Matthew Pellar Of TM Real Estate Secures $53.5 Million Construction Loan From Truist Bank

3570 Boynton Beach Boulevard

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Development Site
Financed 03/12/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

The asset involved is a 13.2-acre development site located at 3570 Boynton Beach Boulevard in Boynton Beach. The development project consists of a 250-unit apartment complex known as The Shalimar at Boynton Beach. The construction project will feature ten residential buildings, two retail buildings, a clubhouse, a pool, and a lake.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $53,500,000
  • Lender: Truist Bank
  • Landlord: Matthew Pellar - TM Real Estate
  • Loan Type: Construction

The transaction was brokered by Matthew Pellar representing TM Real Estate, highlighting their role in securing the construction financing for the project. The deal emphasizes the collaboration between the landlord and the lender to advance the development of this substantial residential community.

Players

Truist Bank
Truist Bank
LENDER
MP
Matthew Pellar
3 deals$103.6M volume
LANDLORD

Details

FINANCED
IMAGE: 03/12/2025 ADDRESS: 3570 Boynton Beach Boulevard MARKET: Boynton Beach ASSET TYPE: Development Site ~ ACRES: 13.2 LENDER: Truist Bank (@Truist) LANDLORD: Matthew Pellar - TM Real Estate LOAN AMOUNT: $53,500,000 LOAN TYPE: Construction NOTE: TM Real Estate secured a $53.5 million construction loan from Truist Bank to develop The Shalimar at Boynton Beach, a 250-unit apartment complex at 3570 W. Boynton Beach Blvd. The 13.2-acre project will feature 10 residential buildings, two retail buildings, a clubhouse, a pool, and a lake.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$53,500,000.00

Monthly NOI$356,666.67
Monthly Debt Service$338,156.39
Change in Cash Flow$0.00
Refinance Proceeds$0.00