ConnectOne Bank Provides $55M Fixed-Rate Loan For Hallandale Beach Mixed-Use Property
501 Diplomat Parkway, Hallandale Beach, FL, USA
$55,000,000
$381/SF
Building Size
144,137 SF
Asset Type
Mixed-use
Closing
Sep 13, 2021
About this deal
AI
The mixed-use property located at 501 Diplomat Parkway in Hallandale Beach has been involved in a recent loan transaction. The property spans over 130 acres and consists of 60 keys.
Summary of transaction details
- Asset Type: Mixed-use
- Address: 501 Diplomat Parkway, Hallandale Beach
- Market: Hallandale Beach
- Acres: 130
- Keys: 60
The loan for this transaction was provided by ConnectOne Bank, with a fixed-rate term. The total loan amount was $55,000,000. The property is owned by The Witkoff Group, represented by Steve and Alex Witkoff, and PPG Development, represented by Ari Pearl. The brokers involved in the deal were Dustin Stolly, Jordan Roeschlaub, and Nick Scribani from Newmark.
Players
Hollywood Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93