Meyer Saffati Of Equity Lending Solutions Closes $4.69M Construction Loan In Coconut Grove Florida
$4,687,500
$756/SF
Building Size
6,194 SF
Asset Type
Single Family
Closing
Jul 10, 2024
AI
The asset involved in this transaction is a single-family property located in Florida, featuring a total square footage of 6,194. The construction loan obtained is valued at $4,687,500, designated for a high-end new construction project in Coconut Grove.
Summary of transaction details:
- Property Type: Single Family
- Transaction Amount: $4,687,500
- Lender: Meyer Saffati - Equity Lending Solutions
- Loan Type: Construction Loan
- Loan Terms: 80% LTC, 24 month term, interest only
- Involved Parties: Pine Bay Ventures Mortgage Fund
Meyer Saffati, representing Equity Lending Solutions, brokered and successfully closed the ground-up construction loan in collaboration with Pine Bay Ventures Mortgage Fund for this project.
Players
Market Single Family Market Snapshot
Boundary boundary · Single Family · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.38%
Cash-on-Cash
-0.97%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93