Updated Oct 28, 2024
ACORE Capital Provides $37M Bridge & Construction Loan For Auburndale Development Site
361 Denton Avenue, Auburndale, Florida 33823, United States
$37,000,000
Building Size
—
Asset Type
Development Site
Closing
Mar 21, 2022
About this deal
AI
A development site located at 361 Denton Ave in Auburndale has been involved in a recent loan transaction. The property spans approximately 665.2 acres and is owned by Randy Knapp of RLK Real Estate & Development.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $37,000,000
- Address: 361 Denton Ave
- Market: Auburndale
- Lender: ACORE Capital - Tony Fineman
- Landlord: Randy Knapp - RLK Real Estate & Development
- Broker: Chris Haynes - Broadacre Financial
The loan, provided by ACORE Capital represented by Tony Fineman, amounts to $37,000,000. It is a bridge and construction loan with a term of three years and two one-year extension options.
Players
Auburndale 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
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93