Updated Oct 28, 2024
Gregory L. Horton's American Group Secures $72M Construction Loan For West Palm Beach Multifamily
2350 45th St, West Palm Beach, FL, USA
$72,000,000
$217/SF
Building Size
331,056 SF
Asset Type
MultiFamily
Closing
Oct 26, 2021
About this deal
AI
A multifamily property located at 2350 45th St. in West Palm Beach has been involved in a recent closed transaction. The property spans across 7.6 acres and consists of 374 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $72,000,000
- Address: 2350 45th St.
- Market: West Palm Beach
- Units: 374
- Acres: 7.6
The loan for this transaction was provided by Western-Southern Life Assurance Co. The borrower, American Group represented by Gregory L. Horton, secured a construction loan in the amount of $72,000,000.
Players
West Palm Beach 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
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93