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Tricera Capital Secures $50.8M Loan For West Palm Beach Mixed-Use Property

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FINANCED
$50,800,000
Jason Krane
Simon Ziff
Scott Sherman
+ 1

Florida

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Mixed-use276,600 SF
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FINANCED

Tricera Capital Secures $50.8M Loan For West Palm Beach Mixed-Use Property

2751 South Dixie Highway, West Palm Beach, FL, USA

See Similar Deals
Mixed-use276,600 SF
Financed
Jason Krane
Simon Ziff
Scott Sherman
+ 1
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$183
Total Square Footage:276600 SF
Transaction Type:Loan

A loan of $50,800,000 was secured for the mixed-use property located at 2751 South Dixie Highway in West Palm Beach. The property spans 11 acres and is owned by Tricera Capital, represented by Ben Mandell and Scott Sherman. The loan was provided by Monroe Capital. The transaction took place on April 16, 2021.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $50,800,000
  • Address: 2751 South Dixie Highway
  • Market: West Palm Beach
  • Landlord: Tricera Capital - Ben Mandell & Scott Sherman
  • Borrower: Not mentioned
  • Lender: Monroe Capital
  • Brokers: Jason Krane & Simon Ziff - Ackman-Ziff Real Estate Group
  • Acres: 11

The deal involves several key players. Tricera Capital, led by Ben Mandell and Scott Sherman, acted as the landlord. Monroe Capital provided the loan amount of $50,800,000. The transaction was facilitated by brokers Jason Krane and Simon Ziff from Ackman-Ziff Real Estate Group.

Players

Simon Ziff
Ackman-Ziff
Simon Ziff
11 deals$2B volume
BROKER
Jason Krane
Ackman-Ziff
Jason Krane
9 deals$893.5M volume
BROKER
Monroe Capital
Monroe Capital
LENDER
Scott Sherman
Tricera Capital
Scott Sherman
12 deals$205M volume
LANDLORD
Ben Mandell
Tricera Capital
Ben Mandell
5 deals$151.4M volume
LANDLORD

Details

FINANCED
IMAGE: Scott Sherman, Simon Ziff & Ben Mandell DATE: 04/16/2021 ADDRESS: 2751 South Dixie Highway MARKET: West Palm Beach ASSET TYPE: Mixed-use LENDER: Monroe Capital LANDLORD: Tricera Capital - Ben Mandell & Scott Sherman BROKERS: Jason Krane & Simon Ziff - Ackman-Ziff Real Estate Group LOAN AMOUNT: $50,800,000 ACRES: 11

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$50,800,000.00

Monthly NOI$338,666.67
Monthly Debt Service$321,090.56
Change in Cash Flow$0.00
Refinance Proceeds$0.00