Updated Oct 28, 2024
Comerica Bank Provides $45.7M Loan For Delray Beach Development Site
6595 Morikami Park Road, Delray Beach, FL, USA
$45,690,000
$331/SF
Building Size
137,660 SF
Asset Type
Development Site
Closing
May 6, 2021
About this deal
AI
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.
On the Map
$45,690,000
$331/SF
Development Site
View full map
Players
Delray Beach Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Visit Bruce Ward to view all their deals.
Browse Florida development site loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.35%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93