Updated Oct 29, 2024
Bank OZK Provides $72.3M Senior & Mezzanine Loan For Philadelphia Development Site
900-18 North 8th Street, Philadelphia, Pennsylvania 19123, United States
$72,280,000
Building Size
—
Asset Type
Development Site
Closing
Nov 28, 2022
About this deal
AI
Located in Philadelphia, the development site at 900-18 North 8th St. & 900 North Darien St. has recently undergone a closed property transaction. The property, owned by Post Brothers, attracted the attention of lenders and investors for its potential. Bank OZK and Lionheart Strategic Management LLC, represented by Andy Klein, provided a loan for the development.
Summary of transaction details
- Property Type: Development Site
- Loan Amount: $72,280,000
- Lender: Bank OZK ; Lionheart Strategic Management LLC - Andy Klein
- Landlord: Post Brothers
- Market: Philadelphia
The loan, consisting of a senior and mezzanine loan, was instrumental in financing the development project at 900-18 North 8th St. & 900 North Darien St. Bank OZK and Lionheart Strategic Management LLC recognized the potential of the property and provided the necessary financial support.
Players
Philadelphia Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93