Prime Finance Provides $28.5M Bridge Loan For Office Building Acquisition In Sarasota
FINANCED
$28,500,000
Florida
See Similar DealsOffice199,770 SF
Financed 01/28/2021
FINANCED
Prime Finance Provides $28.5M Bridge Loan For Office Building Acquisition In Sarasota
1800 2nd Street, Sarasota, FL, USA
See Similar DealsOffice199,770 SF
Financed 01/28/2021
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$142
Total Square Footage:199,770 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$28,500,000.00
Monthly NOI$190,000.00
Monthly Debt Service$180,139.39
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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