Ryan Shear & Dan Kaplan Of PMG Acquire Development Site In Fort Lauderdale For $19.2M
900 Intracoastal Drive
$19,200,000
Building Size
—
Asset Type
Development Site
Closing
Oct 28, 2024
AI
A waterfront co-op building located at 900 Intracoastal Drive in Fort Lauderdale has been sold for $19.2 million. The asset is set to be transformed into the 28-story Sage Intracoastal Residences development, which will feature 44 luxury condominiums. The project has received city approval and will offer amenities such as a spa and fitness center, with unit prices starting in the mid-$3 million range.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $19,200,000
- Buyer: Ryan Shear & Dan Kaplan - PMG
- Brokers: Aaron O’Connor, Aik Aliferis & Joseph Thomas - Marcus & Millichap
The transaction involves key players, with PMG represented by Ryan Shear and Dan Kaplan, and the brokerage services provided by Aaron O’Connor, Aik Aliferis, and Joseph Thomas from Marcus & Millichap.
Players
Fort Lauderdale Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93