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Marcus & Millichap Capital Corporation Arranges $6.8M Acquisition Loan For Retail Property On Hutchinson Boulevard In Panama City Beach

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FINANCED
$6,800,000
Garrett Fierstein
Simon Grigoryan
Chad E. Atwood

Florida

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Retail48,000 SF
Financed 06/04/2022
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Property Image
FINANCED

Marcus & Millichap Capital Corporation Arranges $6.8M Acquisition Loan For Retail Property On Hutchinson Boulevard In Panama City Beach

11501 Hutchison Boulevard, Panama City Beach, Florida 32407, United States

See Similar Deals
Retail48,000 SF
Financed 06/04/2022
Garrett Fierstein
Simon Grigoryan
Chad E. Atwood
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$141
Total Square Footage:48,000 SF
Transaction Type:Loan

An acquisition loan of $6,800,000 was secured for a retail property located at 1105 Hutchinson Boulevard in Panama City Beach. The property has a total square footage of 48,000 and is situated on 5.1 acres.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $6,800,000
  • Address: 1105 Hutchinson Boulevard
  • Market: Panama City Beach
  • Square Footage: 48,000
  • Acres: 5.1

The acquisition loan has a 10-year term with a fixed interest rate of 3.95%. The loan-to-value ratio (LTV) is 70%.

Garrett Fierstein, Simon Grigoryan, and Chad Atwood of Marcus & Millichap Capital Corporation represented the parties involved in the deal.

Players

Chad E. Atwood
Marcus & Millichap
Chad E. Atwood
7 deals$53.2M volume
BROKER
Simon Grigoryan
Marcus & Millichap
Simon Grigoryan
12 deals$74.7M volume
BROKER
Garrett Fierstein
Marcus & Millichap
Garrett Fierstein
21 deals$126.6M volume
BROKER

Details

FINANCED
IMAGE: Garrett Fierstein, Chad Atwood & Simon Grigoryan DATE: 04/06/2022 ADDRESS: 1105 Hutchinson Boulevard MARKET: Panama City Beach ASSET TYPE: Retail ~ SF: 48,000 ~ ACRES: 5.1 BROKERS: Garrett Fierstein, Simon Grigoryan & Chad Atwood - Marcus & Millichap Capital Corporation LOAN AMOUNT: $6,800,000 LOAN TYPE: Acquisition Loan LOAN TERMS: 10-year fixed loan has a 70 percent LTV and an interest rate of 3.95 percent.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$6,800,000.00

Monthly NOI$45,333.33
Monthly Debt Service$42,980.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00