Seventh Street Development Group Acquires Development Site In Surfside For $7.05M With Loan From Judy Zucker - FM Home Loans
9250 Bay Drive
$7,050,000
$352,500/SF
Building Size
20 SF
Asset Type
Development Site
Closing
May 16, 2022
AI
Seventh Street Development Group has secured a bridge loan of $7,050,000 for the acquisition of a development site located at 9250 Bay Dr in Surfside. The property spans approximately 20,000 square feet and is situated in a prime market.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $7,050,000
- Lender: Judy Zucker - FM Home Loans
- Buyer: Seventh Street Development Group
- Loan Type: Bridge
Judy Zucker from FM Home Loans served as the lender for this transaction. The loan will provide financial support to Seventh Street Development Group in their plans for the development site.
Players
Surfside 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
2.25%
Cash-on-Cash
-0.64%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93