Wells Fargo Provides $95.7M Construction Loan For Development Site In Boca Raton
FINANCED
$95,700,000
Florida
See Similar DealsDevelopment Site
Financed 11/04/2021
FINANCED
Wells Fargo Provides $95.7M Construction Loan For Development Site In Boca Raton
6541 Canary Palm Circle, Boca Raton, FL, USA
See Similar DealsDevelopment Site
Financed 11/04/2021
Summary
FLORIDA
Asset Type:Development Site
Transaction Type:Loan
A development site located at 6541 Canary Palm Drive and 22725 Camino Del Mar in Boca Raton has secured a construction loan. The loan, amounting to $95,700,000, has been provided by Wells Fargo. The property is owned by North American Development Group (NADG), represented by John W.S. Preston.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $95,700,000
Wells Fargo has extended a construction loan of $95,700,000 to the development site located at 6541 Canary Palm Drive and 22725 Camino Del Mar in Boca Raton. The loan is intended for the construction of the property. North American Development Group (NADG), represented by John W.S. Preston, is the owner of the development site.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$95,700,000.00
Monthly NOI$638,000.00
Monthly Debt Service$604,889.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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