Comerica Bank Provides $45.7M Loan For Delray Beach Development Site
FINANCED
$45,690,000
Florida
See Similar DealsDevelopment Site137,660 SF
Financed 05/07/2021
FINANCED
Comerica Bank Provides $45.7M Loan For Delray Beach Development Site
6595 Morikami Park Road, Delray Beach, FL, USA
See Similar DealsDevelopment Site137,660 SF
Financed 05/07/2021
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$331
Total Square Footage:137,660 SF
Transaction Type:Loan
An development site located at 6595 Morikami Park Road in Delray Beach has recently been involved in a closed transaction. The property spans across 7.23 acres and offers 187 units with a total square footage of 137,660. The deal was facilitated by Comerica Bank, with Curtis C. Farmer representing the lender, providing a loan amount of $45,690,000. The landlord of the property is Alliance Residential, represented by Bruce Ward and V. Jay Hiemenz.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $45,690,000
- Address: 6595 Morikami Park Road, Delray Beach
- Market: Delray Beach
- Units: 187
- Square Footage: 137,660
- Acres: 7.23
Comerica Bank, led by Curtis C. Farmer, played a crucial role in the transaction by providing the loan for the development site. On the other hand, Alliance Residential was represented by Bruce Ward and V. Jay Hiemenz. Together, these key individuals and companies ensured the successful completion of the deal.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$45,690,000.00
Monthly NOI$304,600.00
Monthly Debt Service$288,791.88
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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