Updated Oct 29, 2024
Landmark Development Corp Acquires Development Site In West Palm Beach For $22.48M
1580 &1610 North Congress Ave
$22,480,000
Units
106
Asset Type
Development Site
Closing
Apr 24, 2023
About this deal
AI
The property involved in this transaction is a development site located at 1580 and 1610 North Congress Ave in West Palm Beach. It spans across 3.61 acres and is classified as a Development Site.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $22,480,000
- Market: West Palm Beach
- Date: 04/24/2023
- Asset Type: Development Site
- Acres: 3.61
Landmark Development Corp, represented by Robert Saland, and Magnolia Affordable Development have secured a $22.48 million construction loan from TD Bank and Palm Beach County for a seniors-housing project in West Palm Beach, Florida. The 106-unit housing project will be exclusively for seniors aged 62 and above with an income up to 80% of the median income of the area.
Players
Boucherville 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
0.71%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93