Updated Oct 28, 2024
Bank United Provides $53M Construction Loan For West Palm Beach Multifamily Development
609 2nd St, West Palm Beach, FL, USA
$53,000,000
$117/SF
Building Size
450,000 SF
Asset Type
MultiFamily
Closing
Sep 8, 2021
About this deal
AI
An multifamily property located at 609 2nd St in West Palm Beach was recently involved in a closed transaction. The property has a total square footage of 450,000 and consists of 309 units. The deal took place on 09/08/2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $53,000,000
- Address: 609 2nd St, West Palm Beach
- Market: West Palm Beach
- Asset Type: Multifamily
- Square Footage: 450,000
- Units: 309
The lender involved in this transaction was Bank United. The loan amount for the deal was $53,000,000. The loan type was construction. The landlord in this transaction was Affiliated Development, represented by Nick Rojo & Jeff Burns.
On the Map
$53,000,000
$117/SF
MultiFamily
View full map
Players
West Palm Beach MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Nick Rojo to view all their deals.
Browse Florida multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93