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Hanover Co. Secures $135.35M Construction Loan From Sumitomo Mitsui Trust Bank For Hanover Riverwalk

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FINANCED
$135,350,000

Florida

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MultiFamily
Financed 06/02/2023
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FINANCED

Hanover Co. Secures $135.35M Construction Loan From Sumitomo Mitsui Trust Bank For Hanover Riverwalk

477 SW 1st Ave Fort Lauderdale, FL 33301, USA

See Similar Deals
MultiFamily
Financed 06/02/2023
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan

Houston-based Hanover Co. has secured a construction loan of $135.35 million from Sumitomo Mitsui Trust Bank of Japan for Hanover Riverwalk, a multifamily property located at 477 Southwest First Avenue in Fort Lauderdale. The property spans 1.54 acres and consists of 380 units.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $135,350,000
  • Address: 477 Southwest First Avenue
  • Market: Fort Lauderdale
  • Units: 380
  • Acres: 1.54

The lender for this construction loan is Sumitomo Mitsui Trust Bank, while the landlord is Hanover Co., represented by Brandt Bowden.

Hanover Riverwalk will feature various amenities, including retail space, fitness centers, a swimming pool deck, coworking space, and a courtyard with a café.

Players

Sumitomo Mitsui Trust Bank
Sumitomo Mitsui Trust Bank
LENDER
BB
Brandt Bowden
8 deals$570.2M volume
LANDLORD
BB
Brandt Bowden
8 deals$570.2M volume
LANDLORD

Details

FINANCED
IMAGE: Brandt Bowden DATE: 06/02/2023 ADDRESS: 477 Southwest First Avenue MARKET: Fort Lauderdale ASSET TYPE: Multifamily ~ UNITS: 380 ~ ACRES: 1.54 LENDER: Sumitomo Mitsui Trust Bank LANDLORD: Hanover Co. - Brandt Bowden LOAN AMOUNT: $135,350,000 LOAN TYPE: Construction Loan NOTE: Houston-based Hanover Co. has secured $135.35 million in construction financing from Sumitomo Mitsui Trust Bank of Japan for Hanover Riverwalk, a 380-unit apartment building in Fort Lauderdale. The development will include retail space, fitness centers, a swimming pool deck, coworking space, and a courtyard with a café.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$135,350,000.00

Monthly NOI$902,333.33
Monthly Debt Service$855,504.07
Change in Cash Flow$0.00
Refinance Proceeds$0.00