Updated Oct 29, 2024
Churchill Real Estate Provides $48M Construction Loan For Solamar Wildwood Development Site
Wildwood, Florida, United States
$48,000,000
Building Size
—
Asset Type
Development Site
Closing
Jan 23, 2023
About this deal
AI
The recent closed property transaction involves a development site located at Solamar Wildwood in the Wildwood market. The loan for this transaction was provided by Churchill Real Estate, represented by Jeff Rosenfeld and Sean Robertson. The landlords of the property are TRUSOT Developments and Agador Spartacus Development. The brokers involved in this deal were Max La Cava, Kenny Cutler, and Karim Khaiboullin from JLL.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $48,000,000
The loan amount for this transaction was $48,000,000, and it was a construction loan. The terms of the loan stipulated a two-year, non-recourse agreement.
It is noteworthy that the individuals and companies involved in this deal played essential roles in facilitating this transaction. Jeff Rosenfeld and Sean Robertson represented Churchill Real Estate as lenders, while Max La Cava, Kenny Cutler, and Karim Khaiboullin served as brokers from JLL. TRUSOT Developments and Agador Spartacus Development acted as the landlords for this development site in Solamar Wildwood.
On the Map
$48,000,000
Development Site
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Players
Wildwood 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
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93