Updated Mar 12, 2025
Matthew Pellar Of TM Real Estate Secures $53.5 Million Construction Loan From Truist Bank
3570 Boynton Beach Boulevard
$53,500,000
Units
250
Asset Type
Development Site
Closing
Mar 12, 2025
About this deal
AI
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
Boynton Beach Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93