City National Bank Of Florida Provides $11M Refinance Loan For St Petersburg Retail Property
2201 1st Avenue South, St. Petersburg, FL, USA
$11,000,000
$190/SF
Building Size
57,872 SF
Asset Type
Retail
Closing
Sep 28, 2021
About this deal
AI
The retail property located at 658-670, 654-656, 2053-2063 & 2401-2437 Central Avenue & 2201-2253 1st Avenue South in St Petersburg has been involved in a recent transaction. The property spans 57,872 square feet and is situated in the retail market.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $11,000,000
- Lender: City National Bank of Florida
- Landlord: Tricera Capital - Scott Sherman & Ben Mandell; Joe Furst - Place Projects
- Brokers: Scott Wadler & Alec Fox - Berkadia
- Loan Type: Refinance
The transaction involved a loan of $11,000,000 provided by City National Bank of Florida. The landlords involved in the deal are Tricera Capital represented by Scott Sherman & Ben Mandell, and Joe Furst represented by Place Projects. The brokers handling the transaction are Scott Wadler & Alec Fox from Berkadia.
Players
Saint Petersburg 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
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93