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
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.
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
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93