Updated Dec 4, 2024
Maxim Capital Group Provides $7.25 Million Acquisition Loan For Merritt Island Development Site
555 Fortenberry Road
$7,250,000
$11/SF
Building Size
657,756 SF
Asset Type
Development Site
Closing
Sep 11, 2024
About this deal
AI
The property involved in this transaction is a development site located at 555 Fortenberry Road, Merritt Island, with a total square footage of 657,756. The loan amount for this acquisition is $7,250,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,250,000
- Lender: Jason Bordenick & Adam Glick - Maxim Capital Group
- Landlord: Ross Abramson - Woodfield Development
- Broker: Ben Jacobs - Ackman Ziff
The key individuals involved in this transaction include Jason Bordenick and Adam Glick representing the lending entity, while Ross Abramson acts as the landlord in the deal. Ben Jacobs is the broker facilitating the transaction, ensuring the process aligns with the parties' interests.
On the Map
$7,250,000
$11/SF
Development Site
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Players
Merritt Island 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
2.19%
Cash-on-Cash
-0.63%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93