Seven Hills Realty Trust Provides $16M Bridge Loan For Retail Property In Delray Beach
14802 Military Trail, Delray Beach, Florida 33484, United States
$16,000,000
$186/SF
Building Size
86,043 SF
Asset Type
Retail
Closing
Mar 17, 2022
AI
The retail property located at 14802 S Military Trail in Delray Beach was involved in a closed transaction. The property spans an area of 86,043 square feet and is situated in the Delray Beach market.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $16,000,000
- Address: 14802 S Military Trail
- Market: Delray Beach
- Lender: Seven Hills Realty Trust (Nasdaq: SEVN) – David Ross
- Landlord: BBB Plaza Associates LTD – Michael Kanoff
- Brokers: Justin Neelis & Daniel Rafael Rojo - Concord Summit Capital
The loan for this transaction was provided by Seven Hills Realty Trust, with David Ross as the representative. The landlord involved in the deal is BBB Plaza Associates LTD, represented by Michael Kanoff. The brokers for this transaction were Justin Neelis and Daniel Rafael Rojo from Concord Summit Capital.
The loan amount for this transaction was $16,000,000. It was a bridge loan with the following terms: Bridge Loan, 70% LTV, Non-Recourse.
Players
Delray 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
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93