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
West Palm Beach Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
Loading comparables…
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