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555 Fortenberry Road

Maxim Capital Group Provides $7.25 Million Acquisition Loan For Merritt Island Development Site
FINANCEDDevelopment Site

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

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.

Players

Ben Jacobs

Meridian Capital Group

Broker

$571.4M

vol

17 deals

Broker
Adam Glick

Adam Glick

Maxim Capital Group

Lender

$1B

vol

27 deals

Lender
WD
Woodfield DevelopmentLandlord

Merritt Island Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

Loading comparables…

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