Bank OZK Provides $252M Construction Loan For Development Site In St. Petersburg
400 Central Avenue, St. Petersburg, Florida 33701, United States
$252,000,000
$252,000,000/SF
Building Size
1 SF
Asset Type
Development Site
Closing
Jun 1, 2023
AI
A development site located at 400 Central Avenue in St. Petersburg has been involved in a recent closed transaction. The property is a development site with a buildable square footage (BSF) of 1,300,000. The transaction took place on 01/06/2023.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: Not specified
- Address: 400 Central Avenue
- Market: St. Petersburg
The lender in this transaction was Bank OZK, providing a construction loan. The landlord, representing the property, was Red Apple Real Estate, with John Catsimatidis as the representative. The loan amount was $252,000,000.
Players
Saint Petersburg 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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93