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
$6,800,000
$141/SF
Building Size
48,000 SF
Asset Type
Retail
Closing
Jun 4, 2022
AI
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
Panama City Beach Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.33%
Cash-on-Cash
-0.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93