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Centennial Bank Provides $7M Construction Loan For 10-Acre Pickleball Stadium In Fort Lauderdale

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FINANCED
$7,000,000

Florida

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Development Site
Financed 12/03/2024
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Property Image
FINANCED

Centennial Bank Provides $7M Construction Loan For 10-Acre Pickleball Stadium In Fort Lauderdale

891 Southwest 34th Street

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Development Site
Financed 12/03/2024
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Development Site
Transaction Type:Loan

The asset involved in this transaction is a development site located at 891 Southwest 34th Street in Fort Lauderdale, encompassing 10 acres of land. This site is designated for the construction of The Fort, a pickleball stadium and entertainment complex, which is supported by a $7,000,000 construction loan from Centennial Bank.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $7,000,000
  • Lender: Camila Giraldo - Centennial Bank
  • Landlord: Brad Tuckman & Jeffrey Roschman
  • Market: Fort Lauderdale

Key individuals in this transaction include Camila Giraldo, representing Centennial Bank as the lender, and Brad Tuckman along with Jeffrey Roschman, who serve as the landlords for the development site. The construction of the facility will feature 43 advanced pickleball courts and will also act as the headquarters for the APP, combining sports with upscale leisure activities.

Players

Todd Martens
Voit Real Estate Services
Todd Martens
2 deals$11.3M volume(949) 263-5331
BROKER
Voit Real Estate Services
Voit Real Estate Services
BROKERAGE
Centennial Bank
Centennial Bank
LENDER

Details

FINANCED
IMAGE: Brad Tuckman & Camila Giraldo DATE: 12/03/2024 ADDRESS: 891 Southwest 34th Street MARKET: Fort Lauderdale ASSET TYPE: Development Site ~ ACRES: 10 LENDER: Camila Giraldo - Centennial Bank (@my100bank) LANDLORD: Brad Tuckman & Jeffrey Roschman LOAN AMOUNT: $7,000,000 LOAN TYPE: Construction NOTE: Fort Lauderdale's The Fort, a 10-acre pickleball stadium and entertainment complex, is nearing completion, supported by a $7M construction loan from Centennial Bank. The facility features 43 advanced pickleball courts and will serve as the APP's headquarters, blending sports and upscale leisure.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$7,000,000.00

Monthly NOI$46,666.67
Monthly Debt Service$44,244.76
Change in Cash Flow$0.00
Refinance Proceeds$0.00