Updated Oct 29, 2024
Citibank Lends $34.4M For Development Site In West Palm Beach
7065 Banyan Leaf Road, West Palm Beach, FL, USA
$34,400,000
$75/SF
Building Size
453,024 SF
Asset Type
Development Site
Closing
Mar 26, 2020
About this deal
AI
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.
Players
West Palm Beach Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.46%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93