The Klotz Group Of Companies And KABR Group Secure $38M Construction Loan For Palm Coast Multifamily
FINANCED
$38,000,000
Florida
See Similar DealsMultiFamily
Financed 05/09/2022
FINANCED
The Klotz Group Of Companies And KABR Group Secure $38M Construction Loan For Palm Coast Multifamily
Palm Coast, Florida, United States
See Similar DealsMultiFamily
Financed 05/09/2022
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$38,000,000.00
Monthly NOI$253,333.33
Monthly Debt Service$240,185.85
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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