Updated Oct 28, 2024
The Klotz Group Of Companies And KABR Group Secure $38M Construction Loan For Palm Coast Multifamily
Palm Coast, Florida, United States
$38,000,000
Units
285
Asset Type
MultiFamily
Closing
May 8, 2022
About this deal
AI
The Klotz Group of Companies, led by Jeff Klotz, and KABR Group have secured a construction loan from Regions Bank for the development located at 100 Ariella Place in Palm Coast. The project involves the construction of a multifamily property comprising 285 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $38,000,000
- Units: 285
- Lender: Regions Bank
- Landlord: The Klotz Group of Companies - Jeff Klotz & KABR Group
- Loan Type: Construction Loan
The loan, provided by Regions Bank, will support the construction of the multifamily property. The Klotz Group of Companies, led by Jeff Klotz, and KABR Group are the landlords spearheading this development in Palm Coast.
Players
Palm Coast MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93