JLL Brokers Secure $84.2M Construction Loan For West Palm Beach Mixed-use Property
805 North Railroad Avenue & 1045 North Railroad Avenue west
$84,200,000
$269/SF
Building Size
156,000 SF
Asset Type
Mixed-use
Closing
Jun 5, 2024
About this deal
AI
The mixed-use property located at 805-1045 North Railroad Avenue in West Palm Beach spans 156,000 square feet. The property was involved in a loan transaction with . The landlords of the property are Ned Grace, Sam Grace, and Damien Barr of NDT Development, Joe Furst of Place Projects, Hunter Jones of Wheelock Street Capital, and BD Hotels.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $84,200,000
- Lender:
- Landlords: Ned Grace, Sam Grace, Damien Barr - NDT Development; Joe Furst - Place Projects; Hunter Jones - Wheelock Street Capital; BD Hotels
- Brokers: Steven Klein, Brian Gaswirth & Mateo Bolivar - JLL
The deal's key individuals include Ned Grace, Sam Grace, Damien Barr, Joe Furst, Hunter Jones, and the brokers Steven Klein, Brian Gaswirth, and Mateo Bolivar who represented the transaction. The diversity of the landlords and the involvement of in the construction loan showcase a collaborative effort in the West Palm Beach market.
On the Map
$84,200,000
$269/SF
Mixed-use
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Players
West Palm Beach 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
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93