Montgomery Street Partners Provides $23 Million Construction Loan For 336-Unit Multifamily In Fort Myers
FINANCED
$23,000,000
Florida
See Similar DealsMultiFamily250,000 SF
Financed 05/22/2025
FINANCED
Montgomery Street Partners Provides $23 Million Construction Loan For 336-Unit Multifamily In Fort Myers
2010 Hanson Street
See Similar DealsMultiFamily250,000 SF
Financed 05/22/2025
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$92
Total Square Footage:250,000 SF
Transaction Type:Loan
The property involved in this transaction is located at 2010 Hanson Street, Fort Myers, and is classified as a multifamily asset with a total of 336 units, encompassing a square footage of 250,000. The loan amount associated with the property is $23,000,000, obtained for construction purposes, with a loan term set for 99 years.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $23,000,000
- Address: 2010 Hanson Street
- Market: Fort Myers
- Asset Size: 336 units
- Square Footage: 250,000
- Lender: Montgomery Street Partners
- Landlord: Renaisannce Development
- Broker: Mark McClure - GenX Capital Partners
- Loan Type: Construction
- Loan Terms: 99 Years
Key individuals in this transaction include Mark McClure, who represents GenX Capital Partners as the broker. The landlord's role in the deal is fulfilled by Renaisannce Development, while the financial backing is provided by Montgomery Street Partners as the lender for this construction loan.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$23,000,000.00
Monthly NOI$153,333.33
Monthly Debt Service$145,375.65
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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