Bank OZK Provides $72.3M Senior & Mezzanine Loan For Philadelphia Development Site
FINANCED
$72,280,000
Pennsylvania
See Similar DealsDevelopment Site
Financed 11/28/2022
FINANCED
Bank OZK Provides $72.3M Senior & Mezzanine Loan For Philadelphia Development Site
900-18 North 8th Street, Philadelphia, Pennsylvania 19123, United States
See Similar DealsDevelopment Site
Financed 11/28/2022
Summary
PENNSYLVANIA
Asset Type:Development Site
Transaction Type:Loan
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.
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$72,280,000.00
Monthly NOI$481,866.67
Monthly Debt Service$456,858.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00
Is there something missing? Send suggestions