Updated Jul 8, 2025
Malcolm Butters Of Butters Construction & Development Secures $73.5M Loan From BMO Bank For Development Site
8255 West Boynton Beach Boulevard
$73,500,000
Building Size
—
Asset Type
Development Site
Closing
Jul 3, 2025
About this deal
AI
The asset involved in this transaction is a 47.2-acre development site located at 8255 Boynton Beach Boulevard in Boynton Beach. The project is backed by a construction loan amounting to $73,500,000. The planned development, known as The District, will consist of seven buildings and small-bay warehouses, with delivery expected by June 2026.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $73,500,000
- Address: 8255 Boynton Beach Boulevard
- Market: Boynton Beach
- Lender: BMO Bank
- Landlord: Malcolm Butters - Butters Construction & Development
- Additional Landlord: Jon H. Channing
- Note: The District will feature tenants for indoor tennis, pickleball, gymnastics, and padel.
Key individuals involved in this transaction include Malcolm Butters, representing Butters Construction & Development, who is overseeing the project development. Jon H. Channing is also noted as a landlord involved in the deal. This project signifies an expansion of industrial space within the market, driven by the requirements of the identified tenants.
On the Map
$73,500,000
Development Site
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Boynton Beach Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93