ACORE Capital Provides $37M Bridge & Construction Loan For Auburndale Development Site
FINANCED
$37,000,000
Florida
See Similar DealsDevelopment Site
Financed 03/22/2022
FINANCED
ACORE Capital Provides $37M Bridge & Construction Loan For Auburndale Development Site
361 Denton Avenue, Auburndale, Florida 33823, United States
See Similar DealsDevelopment Site
Financed 03/22/2022
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$37,000,000.00
Monthly NOI$246,666.67
Monthly Debt Service$233,865.17
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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