Updated Sep 9, 2026
Jerome Rich And Miles Rich Of Rich Properties Secure $48.72M Construction Loan For Multifamily Development
998 Se Town Place Blvd
$48,716,250
$80/SF
Building Size
608,570 SF
Asset Type
MultiFamily
Closing
Aug 21, 2026
About this deal
AI
The property involved in this transaction is a multifamily asset located at 998 Southeast Town Place Boulevard in Port St. Lucie, Florida. It comprises 264 units with a total square footage of 262,188. The loan amount for this construction project is $48,716,250, facilitated by City National Bank of Florida.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $48,716,250
- Address: 998 Southeast Town Place Boulevard
- Market: Port St. Lucie
- Units: 264
- Square Footage: 262,188
- Lender: City National Bank of Florida
- Borrower: Jerome Rich & Miles Rich - Rich Properties
Jerome Rich is the Owner of Rich Properties, while Miles Rich serves as the CEO and General Contractor of the company, holding license number CGC1528301. Miles Rich has initiated a fund that accepts only accredited investors for the development and investment of the aforementioned multifamily units.
Players
Port Saint Lucie 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
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93