Updated Oct 29, 2024
Truist Bank Provides $61.1M Construction Loan For Port Orange Development Site
3835 Clyde Morris Blvd, Port Orange, Florida 32129, United States
$61,100,000
Units
300
Asset Type
Development Site
Closing
Sep 14, 2022
About this deal
AI
The development site located at 3835 Clyde Morris Blvd in Port Orange has been involved in a recent loan transaction. The property spans 35 acres and consists of 300 units. The loan, amounting to $61,100,000, was provided by Truist Bank. This transaction represents a construction loan for the development site.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $61,100,000
- Address: 3835 Clyde Morris Blvd
- Market: Port Orange
- Units: 300
- Acres: 35
- Lender: Truist Bank - Sharis Deravakian
The loan transaction involves the property owned by The Collier Companies, represented by Nathan S. Collier and Jennifer Clince. The loan provided by Truist Bank will enable the development of the 35-acre site, which will consist of 300 units.
Players
Port Orange 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
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93