Updated Nov 28, 2024
Truist Bank Provides $99M Construction Loan For Development Site In Fort Lauderdale
401 SW 1st Ave, Fort Lauderdale, FL 33301
$99,000,000
Building Size
—
Asset Type
Development Site
Closing
Mar 31, 2022
About this deal
AI
The development site located at 401 SW First Ave in Fort Lauderdale has recently secured a construction loan. Spanning over 1.27 acres, this property presents a lucrative opportunity for the future. The loan, provided by Truist Bank, amounts to $99,000,000, reflecting the substantial investment potential of this development site.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $99,000,000
- Address: 401 SW First Ave, Fort Lauderdale
- Market: Fort Lauderdale
- Landlord: The Related Group - Jorge M. Pérez
- Loan Type: Construction Loan
The Related Group, represented by Jorge M. Pérez, serves as the landlord for this development site. With their expertise and experience, they are poised to make the most of this investment. The secured construction loan from Truist Bank further demonstrates the confidence and support of financial institutions in this venture.
Players
Fort Lauderdale 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
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93