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3800 South Congress Avenue

Foundry Commercial & Wheelock Street Capital Secure $52.3M Construction Loan In Boynton Beach
FINANCEDIndustrial

Foundry Commercial & Wheelock Street Capital Secure $52.3M Construction Loan In Boynton Beach

3800 South Congress Avenue

$52,300,000

$114/SF

Building Size

457,110 SF

Asset Type

Industrial

Closing

Jun 3, 2024

AI

The industrial property located at 3800 South Congress Avenue in Boynton Beach spans 457,110 square feet and was involved in a recent transaction. Foundry Commercial & Wheelock Street Capital acted as the landlords for this asset. The property secured a substantial construction loan amounting to $52,300,000.

Summary of transaction details:

The deal was facilitated by Melissa Rose, Mateo Bolivar, and Steven Klein from JLL, who represented the landlords during the loan transaction, showcasing their pivotal role in the financing process.

Players

Steven Klein

JLL

Broker

$3.9B

vol

51 deals

Broker

Boynton 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

0.30%

Cash-on-Cash

-0.09%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93