Thorofare Capital Provides $13.4M Bridge Loan For Motorcoach Park In Thonotosassa
9401 E Fowler Ave Thonotosassa, FL 33592, USA
$13,400,000
$10/SF
Building Size
1,232,168 SF
Asset Type
Other
Closing
May 31, 2023
About this deal
AI
A motorcoach park located at 9401 East Fowler Avenue in Thonotosassa has recently secured a bridge loan of $13,400,000. The property, which consists of 231 units with a total square footage of 1,232,168, is owned by Homes Of America. The loan was provided by Thorofare Capital, with David Perlman as the representative.
Summary of transaction details:
- Property Type: Motorcoach Park
- Loan Amount: $13,400,000
- Loan Type: Bridge
- Loan Terms: 2 year initial with 1, 12-month extension
- Address: 9401 East Fowler Avenue
- Market: Thonotosassa
- Number of Units: 231
- Square Footage: 1,232,168
David Perlman, representing Thorofare Capital, facilitated the loan for the motorcoach park. This financing arrangement provides the necessary capital for Homes Of America to continue operating and improving the property. The two-year initial loan term with the potential for a 12-month extension offers flexibility for the borrower to pursue their business objectives and potentially secure longer-term financing in the future.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.18%
Cash-on-Cash
-0.34%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93