Citibank Lends $34.4M For Development Site In West Palm Beach
FINANCED
$34,400,000
Florida
See Similar DealsDevelopment Site453,024 SF
Financed 03/27/2020
FINANCED
Citibank Lends $34.4M For Development Site In West Palm Beach
7065 Banyan Leaf Road, West Palm Beach, FL, USA
See Similar DealsDevelopment Site453,024 SF
Financed 03/27/2020
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$75
Total Square Footage:453,024 SF
Transaction Type:Loan
A development site located at 7065 Banyan Leaf Drive in West Palm Beach has been involved in a recent loan transaction. The loan, provided by citibank''>Citibank, amounted to $34,400,000. This development site consists of 228 units and has a total square footage of 453,024. The transaction took place on March 27, 2020.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $34,400,000
- Address: 7065 Banyan Leaf Drive
- Market: West Palm Beach
- Units: 228
- Total Square Footage: 453,024
In this deal, the landlord of the development site is AHS Residential, represented by Ernesto Lopes and Rubens Menin Teixeira de Souza. They successfully secured a loan from Citibank to further develop the property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$34,400,000.00
Monthly NOI$229,333.33
Monthly Debt Service$217,431.40
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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