Updated Dec 4, 2024
Akel Homes Secures $30 Million Construction Loan From Seacoast Bank For Boynton Beach Development Site
Lyons Rd
$30,000,000
Units
187
Asset Type
Development Site
Closing
Oct 23, 2024
About this deal
AI
The development site located at 7376 Lyons Road in Boynton Beach encompasses an area of 11.8 acres. It is designated for construction, specifically for a multi-family project that aligns with the growing demand for housing in the region.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $30,000,000
- Loan Type: Construction
- Lender: Seacoast Bank
- Landlord: Alex Akel - Akel Homes
- Market: Boynton Beach
- Completion Date: January 2026
Akel Homes is actively constructing Mosaic Palms, which will feature 187 apartment units and is backed financially by the loan from Seacoast Bank. The project aims to include workforce housing and various amenities in response to the ongoing housing growth in western Palm Beach County.
On the Map
$30,000,000
Development Site
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Players
Cypress Quarters Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93