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Regions Bank Provides $75.14 Million Loan For Coastland Residential Construction In Sweetwater

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FINANCED
$75,140,000

Florida

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MultiFamily
Financed 11/12/2024
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FINANCED

Regions Bank Provides $75.14 Million Loan For Coastland Residential Construction In Sweetwater

1556 Northwest 110th Avenue

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MultiFamily
Financed 11/12/2024
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan

The development site located at 1556 Northwest 110th Avenue in Sweetwater spans 7.89 acres. It is the site of Coastland Residential's new 690-unit apartment project. The project recently commenced construction, featuring an eight-story building that will house 343 units. The land was purchased for $38 million.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $75,140,000
  • Lender: Regions Bank
  • Landlord: Anthony Seijas - Coastland Residential
  • Loan Type: Construction
  • Date: 11/12/2024

Regions Bank is providing the funding, totaling $75.14 million, for the construction financing necessary to initiate the project's first phase. The deal lays the groundwork for the extensive apartment development aimed at enhancing residential options in the Sweetwater area.

Players

Regions Bank
Regions Bank
LENDER

Details

FINANCED
IMAGE: Anthony Seijas DATE: 11/12/2024 ADDRESS: 1556 Northwest 110th Avenue MARKET: Sweetwater ASSET TYPE: Development Site ~ ACRES: 7.89 LENDER: Regions Bank (@RegionsBank) LANDLORD: Anthony Seijas - Coastland Residential LOAN AMOUNT: $75,140,000 LOAN TYPE: Construction NOTE: Regions Bank provided $75.14 million in construction financing for the first phase of Coastland Residential’s 690-unit apartment project in Sweetwater, Fla. The Miami developer recently broke ground on the eight-story, 343-unit building near Dolphin Mall on land purchased last year for $38 million.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$75,140,000.00

Monthly NOI$500,933.33
Monthly Debt Service$474,935.91
Change in Cash Flow$0.00
Refinance Proceeds$0.00