Updated Dec 4, 2024
Forman Capital Provides $38.5M Construction Loan For Development Site Acquisition In Miramar Beach, Florida
556 Seascape Drive
$38,504,278
$3,500,388/SF
Building Size
11 SF
Asset Type
Development Site
Closing
Nov 3, 2023
About this deal
AI
Located in Miramar Beach, Florida, the development site at 556 Seascape Drive has recently been involved in a closed loan transaction. This property spans over 11.89 acres and is situated in a desirable market.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $38,504,278
- Address: 556 Seascape Drive, Miramar Beach, Florida
- Market: Miramar Beach, Florida
The loan for this transaction was provided by Forman Capital, represented by Ben Jacobson, Brett Forman, Scott Mehlman, and Hellois Scheeres. Mark Osborn and Buster Osborn served as the borrowers. The loan type was a construction loan.
Players
Miramar 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
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93