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Tim Petrillo & Alan Hooper Secure $20.5 Million Refinance Loan For Mixed-use Property In Delray Beach

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FINANCED
$20,500,000
Mitch Sinberg
Matthew (Matt) Robbins
+ 2

Florida

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Mixed-use27,124 SF
Financed 01/17/2025
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FINANCED

Tim Petrillo & Alan Hooper Secure $20.5 Million Refinance Loan For Mixed-use Property In Delray Beach

290 East Atlantic Avenue

See Similar Deals
Mixed-use27,124 SF
Financed 01/17/2025
Mitch Sinberg
Matthew (Matt) Robbins
+ 2
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Summary

FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$755
Total Square Footage:27,124 SF
Transaction Type:Loan

The property involved in this transaction is a mixed-use asset located at 290 East Atlantic Avenue in Delray Beach. It spans a total square footage of 27,124 and has a loan amount of $20,500,000. The transaction is categorized as a refinance loan with cash out, structured as a five-year, fixed-rate full-term interest-only loan.

Summary of transaction details:

The deal features key players including the landlords, Tim Petrillo and Alan Hooper, who are affiliated with Urban Street Development. The brokers representing this transaction are Brad Williamson, Mitch Sinberg, Matthew Robbins, Scott Wadler, and Kyle Ryan, all from Berkadia, highlighting the collaborative effort in securing the financing for this property.

Players

Brad Williamson
107 deals$6.8B volume(786) 646-2580
BROKER

Mitch Sinberg
Berkadia
131 deals$8.3B volume(561) 609-4006
BROKER

Matthew (Matt) Robbins
Berkadia
113 deals$6.8B volume
BROKER

Scott Wadler
Berkadia
160 deals$9.8B volume
BROKER

Kyle Ryan
Berkadia
10 deals$275.2M volume
BROKER

LoanCore Capital
LENDER

Details

FINANCED
IMAGE: Matthew Robbins, Mitch Sinberg, Brad Williamson, Scott Wadler, Tim Petrillo, Kyle Ryan & Alan Hooper DATE: 01/17/2025 ADDRESS: 290 East Atlantic Avenue MARKET: Delray Beach ASSET TYPE: Mixed-use ~ SF: 27,124 LENDER: LoanCore LANDLORD: Tim Petrillo & Alan Hooper - Urban Street Development (@UrbanStreetDevelopment) BROKERS: Brad Williamson, Mitch Sinberg (@MitchSinberg), Matthew Robbins, Scott Wadler (@SWadler1) & Kyle Ryan - Berkadia (@Berkadia) LOAN AMOUNT: $20,500,000 LOAN TYPE: Refinance LOAN TERMS: Cash out refinance with five year, fixed rate full-term interest only loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$20,500,000.00

Monthly NOI$136,666.67
Monthly Debt Service$129,573.94
Change in Cash Flow$0.00
Refinance Proceeds$0.00