AHS Residential Acquires Homestead Development Site For $27M Loan From Santander Bank
Southwest 288th Street, Homestead, Florida 33033, United States
$27,000,000
Building Size
—
Asset Type
Development Site
Closing
Apr 6, 2022
AI
The development site, located at the northeast corner of Southwest 288th Street & Southwest 142nd Avenue in Homestead, was recently involved in a closed property transaction. The property spans across 9.8 acres and comprises 216 units.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $27,000,000
- Address: Northeast Corner of Southwest 288th Street & Southwest 142nd Avenue
- Market: Homestead
- Units: 216
- Acres: 9.8
The lender for this transaction was Santander Bank, providing a construction loan of $27,000,000. AHS Residential represented the landlord, Ernesto Lopes, in this deal.
Players
Homestead 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
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93