Prime Finance Provides $28.5M Bridge Loan For Office Building Acquisition In Sarasota
1800 2nd Street, Sarasota, FL, USA
$28,500,000
$142/SF
Building Size
199,770 SF
Asset Type
Office
Closing
Jan 27, 2021
About this deal
AI
Tricera Capital, the landlord of the office property located at 1800 2nd Street in Sarasota, has secured a loan of $28,500,000 from Prime Finance. The loan, which has a three-year term, will serve as a bridge facility for the initial acquisition of the property and future funding for lease-up and property upgrades.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $28,500,000
- Date: 01/28/2021
- Market: Sarasota
- BROKERS: Scott Wadler & Alec Fox
The deal was facilitated by Scott Wadler & Alec Fox, representing Tricera Capital. Their expertise and negotiation skills played a significant role in securing the loan from Prime Finance. This transaction highlights the confidence of lenders in the Sarasota office market and Tricera Capital's strategic vision for the property at 1800 2nd Street.
On the Map
$28,500,000
$142/SF
Office
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Players
Sarasota Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93