Updated Oct 13, 2026
Phillip J. Morgan's Morgan Group Secures $84.8 Million Loan From Santander Bank For Development In Deerfield Beach
412 Northeast River Drive
$84,800,000
Units
326
Asset Type
Development Site
Closing
Dec 26, 2025
About this deal
AI
The property involved in this transaction is a development site located at 412-450 North River Drive, 414-480 Northeast 1st Avenue, 409 North River Avenue & 240 Northeast 5th Street in Deerfield Beach. The asset encompasses 8.4 acres and is set for the construction of a 326-unit, six-story apartment complex. The site was previously a marina and was acquired by the developer for $12 million in April.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $84,800,000
- Lender: Santander Bank
- Landlord: Phillip J. Morgan - Morgan Group
- Loan Type: Construction
- Plans include a clubhouse, pool, and parking garage
- Construction managed in-house by Morgan Group
Key individuals in this transaction include Phillip J. Morgan, representing the Morgan Group as the landlord. Santander Bank provided the construction loan, facilitating the development of this project on the acquired site, which reflects a significant investment in the Deerfield Beach market.
On the Map
$84,800,000
Development Site
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Deerfield Beach Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93