Hector Castro Secures $5.89M Construction Loan For Development Site In Port Labelle Fort Myers
FINANCED
$5,890,000
Florida
See Similar DealsDevelopment Site42,000 SF
Financed 02/24/2022
FINANCED
Hector Castro Secures $5.89M Construction Loan For Development Site In Port Labelle Fort Myers
9030 Green Circle, LaBelle, Florida 33935, United States
See Similar DealsDevelopment Site42,000 SF
Financed 02/24/2022
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$140
Total Square Footage:42,000 SF
Transaction Type:Loan
A development site located at 9030 Green Circle in Port Labelle, Fort Myers has been involved in a recent transaction. The property spans approximately 42,000 square feet with a building square footage of 3,100,000. The transaction took place on February 24, 2022, as shown in the image shared by Hector Castro on Instagram.
Summary of transaction details
- Property Type: Development Site
- Market: Port Labelle, Fort Myers
- Address: 9030 Green Circle
- Loan Amount: $5,890,000
- Loan Type: Construction Loan
- Loan Terms: 31 Single Family Ground Up Construction, 85% Loan to Cost Loan, Interest Only
Hector Castro from Equity Lending Solutions provided the loan for this transaction. The loan amount of $5,890,000 was secured for the development site. The loan type is a construction loan and the terms include 31 single-family ground-up constructions with an 85% loan-to-cost loan and interest-only payments.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$5,890,000.00
Monthly NOI$39,266.67
Monthly Debt Service$37,228.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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