CoreVest Finance Provides $71.45M Loan For Development Site In Brandon
459 Brandon Town Center Mall, Brandon, FL 33511
$71,450,000
$61/SF
Building Size
1,156,040 SF
Asset Type
Development Site
Closing
May 21, 2020
AI
Brandon Development Partners LLC has secured a $71,450,000 loan from CoreVest Finance, with Beth O'Brien representing the lender. The loan has a term of 30 months and is for a development site located at 459 Brandon Town Center Dr in Brandon. The property spans across 55 acres and features a total of 660 units.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $71,450,000
- Address: 459 Brandon Town Center Dr
- Market: Brandon
- Lender: CoreVest Finance - Beth O'Brien
- Landlord: Brandon Development Partners LLC
- Broker: Dan Gorczycki - TrueRate
- Loan Terms: 30-month loan
- Units: 660
- Acres: 55
Dan Gorczycki from TrueRate represented the landlord, Brandon Development Partners LLC, in this transaction. The involvement of these key individuals and companies highlights the significance of the deal and showcases their role in the successful closing of the loan for the development site.
Players
Brandon 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
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93