Updated Feb 16, 2024
The Allen Morris Company Secures $57.2M Construction Loan For Development Site In Kissimmee
5990 Osceola Parkway, Kissimmee, Florida 34746, United States
$57,200,000
$195/SF
Building Size
293,000 SF
Asset Type
Development Site
Closing
Sep 25, 2022
About this deal
AI
The development site located at 5990 West Osceola Parkway in Kissimmee, Florida has recently secured a $57,200,000 construction loan from Regions Bank. The loan will support the development of the property, which consists of 311 units with a total buildable square footage of 293,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $57,200,000
- Address: 5990 West Osceola Parkway
- Market: Kissimmee
- Units: 311
- Buildable Square Footage: 293,000
The loan, provided by Regions Bank, will be used to fund the construction of the development site. The project is backed by The Allen Morris Company, Spencer Morris, Xenel International U.S.A., Principal Real Estate Investors, and their respective representatives, including Mercedes Montalvo from Regions Bank and Rob Klinkner from Principal Real Estate Investors.
Players
Kissimmee 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
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93