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Ross Abramson Of Woodfield Development Secures $51.2 Million Loan For Development Site In Merritt Island

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FINANCED
$51,200,000

Florida

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Development Site657,800 SF
Financed 04/30/2025
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Property Image
FINANCED

Ross Abramson Of Woodfield Development Secures $51.2 Million Loan For Development Site In Merritt Island

555 Fortenberry Road

See Similar Deals
Development Site657,800 SF
Financed 04/30/2025
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Price Per Square Foot:$77
Total Square Footage:657,800 SF
Transaction Type:Loan

The asset involved in this transaction is a development site located at 555 Fortenberry Road in Merritt Island. The property encompasses a total square footage of 657,800, with plans for the development of 296 market-rate apartments across four-story buildings.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $51,200,000
  • Market: Merritt Island
  • Lender: BankUnited, N.A. and Renasant Bank
  • Landlord: Ross Abramson - Woodfield Development
  • Scheduled Completion: Q2 2027

The key individuals in this transaction include Ross Abramson, representing Woodfield Development as the landlord. The financing for the construction is provided by BankUnited, N.A. alongside Renasant Bank, facilitating the development of amenities such as a resort-style pool, a 24-hour fitness center, and outdoor summer kitchens with grills.

Players

Renasant Bank
Renasant Bank
LENDER
Bank United
Bank United
LENDER
WD
Woodfield Development
LANDLORD

Details

FINANCED
IMAGE: Ross Abramson DATE: 5/1/2025 ADDRESS: 555 Fortenberry Road MARKET: Merritt Island ASSET TYPE: Development Site ~ UNITS: 296 ~ SF: 657,800 LENDER: BankUnited, N.A. (@BankUnited.Official) & Renasant Bank (@Renasant) LANDLORD: Ross Abramson (@Ross_Abramson) – Woodfield Development LOAN AMOUNT: $51,200,000 LOAN TYPE: Construction NOTE FROM LANDLORD: Woodfield Development secured $51.2 million in construction financing from BankUnited, N.A. and Renasant Bank to develop the 555 Fortenberry Road site in Merritt Island. Slated for completion in Q2 2027, the project will feature 296 market-rate apartments across a series four-story buildings. Amenities include a resort-style pool, a 24-hour fitness center and outdoor summer kitchens with grills.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$51,200,000.00

Monthly NOI$341,333.33
Monthly Debt Service$323,618.83
Change in Cash Flow$0.00
Refinance Proceeds$0.00