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1500 North Florida Mango Ro...

Updated Oct 28, 2024

Alliance HP Acquires Industrial Property In West Palm Beach With $26M Loan From CIT Bank
FINANCEDIndustrial

Alliance HP Acquires Industrial Property In West Palm Beach With $26M Loan From CIT Bank

1500 North Florida Mango Road, West Palm Beach, FL, USA

$26,000,000

Building Size

—

Asset Type

Industrial

Closing

Jul 29, 2021

About this deal

AI

The industrial property located at 1100, 1300, and 1500 N Florida Mango Road in Palm Beach Airport, West Palm Beach, was acquired through a loan transaction. The loan was obtained from CIT Bank, with Jason Lydon and AJ Bruno representing the lender. The landlord of the property is Alliance HP, with Frank Zazzera acting as their representative.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $26,000,000
  • Lender: CIT Bank - Jason Lydon & AJ Bruno
  • Landlord: Alliance HP - Frank Zazzera

The loan, with an amount of $26,000,000, was utilized for the acquisition of the industrial property. This transaction involves various key individuals and companies, including CIT Bank represented by Jason Lydon and AJ Bruno as the lenders, and Alliance HP led by Frank Zazzera as the landlord. The property's location in the Palm Beach Airport area of West Palm Beach adds value and potential to this industrial asset.

On the Map

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$26,000,000

Industrial

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Players

CIT Bank
CIT BankLender
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West Palm Beach Industrial Market Snapshot

Boundary boundary · Industrial · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.61%

Cash-on-Cash

-0.17%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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