Sanjay Patel, Hiren Patel & Neal Patel Secures $10.5M Construction Loan For Development Site In Palm Bay, FL
FINANCED
$10,500,000
Florida
See Similar DealsDevelopment Site135,000 SF
Financed 04/29/2022
FINANCED
Sanjay Patel, Hiren Patel & Neal Patel Secures $10.5M Construction Loan For Development Site In Palm Bay, FL
6164 Minton Road Northwest, Palm Bay, Florida 32907, United States
See Similar DealsDevelopment Site135,000 SF
Financed 04/29/2022
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$77
Total Square Footage:135,000 SF
Transaction Type:Loan
A development site located at 6164 Minton Road NW in Palm Bay, FL, has recently undergone a closed transaction. The property, with a building square footage (BSF) of 283,140 and a total square footage (SF) of 135,000, has been involved in a new construction self storage project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $10,500,000
- Loan Type: Construction Loan
Sanjay Patel, Hiren Patel, and Neal Patel were the landlords involved in the transaction. The loan amount for the construction loan was $10,500,000. The property will be developed into a new self storage facility, according to the loan terms.
Note from landlord: Visit www.mhghotelsllc.com for more information.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$10,500,000.00
Monthly NOI$70,000.00
Monthly Debt Service$66,367.14
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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