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1601 N Congress Ave

Michael J. Gefter Secures $2.9 Million Loan For Retail Property In West Palm Beach
FINANCEDRetail

Michael J. Gefter Secures $2.9 Million Loan For Retail Property In West Palm Beach

1601 N Congress Ave

$2,900,000

$362/SF

Building Size

8,008 SF

Asset Type

Retail

Closing

Feb 9, 2025

AI

The asset involved in this transaction is a retail property located at 1601 N Congress Ave in West Palm Beach. The loan amount secured for this property is $2,900,000.00.

Summary of transation details:

  • Property Type: Retail
  • Transaction Amount: $2,900,000.00
  • Address: 1601 N Congress Ave
  • Market: West Palm Beach
  • Landlord: Soma Medical Center P.A.
  • Brokers: Michael J. Gefter

Michael J. Gefter represents the interests involved in the transaction, serving as the broker for the deal. The transaction pertains to a financial agreement involving Soma Medical Center P.A. as the landlord, contributing to the operational framework of the property.

Players

Michael Gefter

Wolf Investment Partners

Broker

$121.1M

vol

42 deals

Broker
V
VelocitySBALender
CC
CE Restaurant ConceptsLandlord

West Palm 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

5.47%

Cash-on-Cash

-1.56%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93