Time Equities, Inc Acquires Multifamily Property In Panama City Beach For $35M Construction Loan
FINANCED
$35,000,000
Florida
See Similar DealsMultiFamily
FINANCED
Time Equities, Inc Acquires Multifamily Property In Panama City Beach For $35M Construction Loan
8603 Whelch Drive, Panama City Beach, Florida 32408, United States
See Similar DealsMultiFamily
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan
The multifamily property located at 8603 Whelch Dr in Panama City Beach has been involved in a recent closed transaction. The property, owned by Time Equities, Inc and represented by Robert Singer, has garnered attention in the market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $35,000,000
- Address: 8603 Whelch Dr, Panama City Beach
- Market: Panama City Beach
- Lender: M&T Bank Corporation
- Landlord: Time Equities, Inc - Robert Singer
- Loan Type: Construction Loan
M&T Bank Corporation has provided a construction loan of $35,000,000 for this multifamily property transaction. The loan has been secured by Time Equities, Inc, with Robert Singer representing the company. The property's prime location, combined with the financial support from M&T Bank Corporation, indicates the potential for future development and growth in the Panama City Beach market.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$35,000,000.00
Monthly NOI$233,333.33
Monthly Debt Service$221,223.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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