First Horizon Bank Provides $16.19M Construction Loan For Industrial Property In Royal Palm Beach
1131 State Road 7, Royal Palm Beach, Florida 33414, United States
$16,190,000
$125/SF
Building Size
128,550 SF
Asset Type
Industrial
Closing
Oct 27, 2022
AI
A construction loan has been secured for an industrial property in Royal Palm Beach. Located at 1131-1161 North State Road 7, the property spans 128,550 square feet and sits on 7.9 acres of land. The transaction was completed on October 28, 2022.
Summary of transaction details
- Property Type: Industrial
- Transaction Date: October 28, 2022
- Address: 1131-1161 North State Road 7, Royal Palm Beach
- Square footage: 128,550
- Acres: 7.9
The construction loan, amounting to $16,190,000, was provided by First Horizon Bank. Terry Akins represented the bank in the transaction. The landlord in this deal is McCraney Property Co., represented by Steven E. McCraney.
Players
Wellington 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
0.98%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93