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EDEN Living Secures $55.12M Construction Loan For 214-Unit Multifamily In Port St. Lucie

Property Image
FINANCED
$55,120,000
Kenny Cutler
Max La Cava
Shane Ciacci
+ 1

Florida

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MultiFamily243,928 SF
Financed 12/15/2023
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Property Image
FINANCED

EDEN Living Secures $55.12M Construction Loan For 214-Unit Multifamily In Port St. Lucie

MultiFamily243,928 SF
Financed 12/15/2023
Kenny Cutler
Max La Cava
Shane Ciacci
+ 1
the dealplayerscompscontact
Contact now

Summary

Asset Type:MultiFamily
Price Per Square Foot:$226
Total Square Footage:243,928 SF
Transaction Type:Loan

The 214-unit multifamily property located at the northwest corner of SW Village Pkwy and Hegener Dr in Port St. Lucie has undergone a closed transaction. Spanning over 243,928 square feet, this property is owned by EDEN Living, represented by Jay Jacobson, Jay Massirman, and Marc Chasin. The brokers involved in this deal were Max La Cava, Kenny Cutler, and Shane Ciacci from JLL.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $55,120,000
  • Loan Type: Construction Loan

The loan obtained for this property amounted to $55,120,000, securing a construction loan.

Players

Max La Cava
JLL
Max La Cava
44 deals$1.5B volume(917) 825-7346
BROKER
Kenny Cutler
JLL
Kenny Cutler
28 deals$1.4B volume
BROKER
Shane Ciacci
JLL
Shane Ciacci
10 deals$920.8M volume
BROKER
JM
Basis Industrial
Jay Massirman
7 deals$405.7M volume
LANDLORD
JM
Jay Massirman
7 deals$405.7M volume
LANDLORD

Details

FINANCED
IMAGE: Shane Ciacci, Jay Massirman, Max La Cava, Jay Jacobson, Kenny Cutler & Marc Chasin DATE: 12/15/2023 ADDRESS: Nw Corner Of Sw Village Pkwy And Hegener Dr MARKET: Port St. Lucie ASSET TYPE: Multifamily ~ UNITS: 214 ~ SF: 243,928 LANDLORD: EDEN Living (@EdenLivingdev) - Jay Jacobson, Jay Massirman (@JayhMassir) & Marc Chasin (@MarcChasin) BROKERS: Max La Cava (@Max_La_Cava), Kenny Cutler & Shane Ciacci - JLL (@JLL) LOAN AMOUNT: $55,120,000 LOAN TYPE: Construction Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$55,120,000.00

Monthly NOI$367,466.67
Monthly Debt Service$348,395.89
Change in Cash Flow$0.00
Refinance Proceeds$0.00