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Sale · Development Site

Updated Dec 4, 2024

PTM Partners Acquires 1.98 Acre Development Site In Sarasota For $7.5M
SOLDDevelopment Site

PTM Partners Acquires 1.98 Acre Development Site In Sarasota For $7.5M

$7,500,000

Building Size

—

Asset Type

Development Site

Closing

Nov 6, 2023

About this deal

AI

A 1.98-acre development site located on Payne Parkway in Sarasota has been sold for $7.5 million. The buyer, PTM Partners represented by Nicholas Pantuliano, intends to develop a mixed-use community on the site. The project will consist of 50 townhomes and retail space, totaling 120,000 square feet. PTM Partners focuses on opportunity zones and aims to provide luxury housing at affordable rates in urban areas. Construction is set to begin in 2024 with completion targeted for 2025.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $7,500,000
  • Address: Payne Parkway, Sarasota
  • Market: Sarasota
  • Buyer: PTM Partners - Nicholas Pantuliano

PTM Partners, based in Fort Lauderdale, specializes in developing properties in opportunity zones. They prioritize creating luxury housing options at affordable rates in urban areas. With the acquisition of the 1.98-acre development site on Payne Parkway in Sarasota, PTM Partners plans to build a mixed-use community comprising 50 townhomes and retail space. Construction is scheduled to commence in 2024, and the project is expected to be completed by 2025.

Players

PP
PTM PartnersBuyer
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Market Development Site Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.12%

Cash-on-Cash

-0.60%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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