Marcus & Millichap Capital Corporation Arranges $5.27M Loan For Mixed-Use Property In Atlantic Beach
42 East Coast Dr Atlantic Beach, FL 32233, USA
$5,270,000
Building Size
—
Asset Type
Development Site
Closing
Sep 8, 2023
AI
A mixed-use retail and office property located at 42 East Coast Drive in Atlantic Beach, Florida has secured $5,270,000 in financing through a construction loan. The loan was arranged by Marcus & Millichap Capital Corporation (MMCC) and will contribute to enhancing the work, play, and dining experience in Atlantic Beach. The property is expected to be completed in Fall 2024.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $5,270,000
- Loan Type: Construction Loan
- Loan Terms: 10-year loan with 6.5% interest only for three years and 25-year amortization
Garrett Fierstein and Simon V. Grigoryan from Marcus & Millichap Capital Corporation (MMCC) played crucial roles as brokers in securing the loan for the mixed-use property at 42 East Coast Drive in Atlantic Beach, Florida. Their efforts contribute to the development of the area, enhancing the local economy and community.
Players
Atlantic Beach 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
3.01%
Cash-on-Cash
-0.86%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93