S3 Capital Provides $117 Million Construction Loan For AQUA At Westshore Yacht Club In Tampa
5605 South West Shore Boulevard
$117,000,000
$508/SF
Building Size
230,000 SF
Asset Type
Development Site
Closing
Oct 11, 2024
AI
The property asset involved in this transaction is a development site located at 5605 South West Shore Boulevard in the Tampa market. The site encompasses a total square footage of 230,000 and is aimed at construction activities.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $117,000,000
- Lender: Robert Schwartz & Steven Jemal - S3 Capital
- Landlord: Eddie Avila & Jorge Ortega - Westshore Group
- Landlord's Representative: Max La Cava & Jimmy Calvo - JLL
- Loan Type: Construction
The key individuals and entities facilitating this transaction include JLL Capital Markets, which arranged the construction financing for Phase I of AQUA at Westshore Yacht Club, a project featuring 77 waterfront condominium residences and 9 luxury villas in Tampa Bay, Florida.
Players
Tampa 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
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93