Bank United Provides $53M Construction Loan For West Palm Beach Multifamily Development
FINANCED
Florida
See Similar DealsMultiFamily450,000 SF
Financed 09/08/2021
FINANCED
Bank United Provides $53M Construction Loan For West Palm Beach Multifamily Development
609 2nd St, West Palm Beach, FL, USA
See Similar DealsMultiFamily450,000 SF
Financed 09/08/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$117
Total Square Footage:450,000 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$53,000,000.00
Monthly NOI$353,333.33
Monthly Debt Service$334,996.05
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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