Updated Feb 16, 2024
Truist Financial Provides $18.5M Construction Loan For Development Site In Fort Pierce
3800 Crossroads Parkway, Fort Pierce, Florida 34945, United States
$18,500,000
$87/SF
Building Size
211,547 SF
Asset Type
Development Site
Closing
Jun 16, 2022
About this deal
AI
The development site located at 3800 Crossroads Pkwy in Fort Pierce has been involved in a closed transaction. The property is a development site with a building square footage (BSF) of 211,547. The transaction took place on June 17, 2022.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $18,500,000
- Market: Fort Pierce
Truist Financial served as the lender for the transaction, providing a construction loan. JBL MGMT, represented by Jacob Khotoveli, and Avenue Property Group, represented by Daniel Gohari, acted as the landlords in the deal. The loan amount for the transaction was $18,500,000.
The Interstate Commerce Center, located at 3800 Crossroads Pkwy, is expected to be completed in the first quarter of 2023. The facility will be a class A industrial facility. For leasing information, interested parties can reach out to Christopher Thomson at [email protected] or call 561-227-2019, or contact Chris Metzger at [email protected] or call 954-415-9155.
Players
Fort Pierce 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
0.86%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93