Updated Dec 4, 2024
Ray Mazzie Of Southern Waters Capital Secures $5.1M Loan For Development Site In Charleston MSA
Windsor Mill Road and United States Highway 52
$5,100,000
$3/SF
Building Size
1,307,800 SF
Asset Type
Development Site
Closing
Jul 30, 2024
About this deal
AI
This development site, located at the intersection of Windsor Mill Road & United States Highway 52 in the Charleston MSA, spans 1,307,800 square feet. The acquisition loan amounts to $5,100,000. The site is designated for mixed-use development, comprising 32,000 square feet of commercial space, 300 multifamily units, and 130 active adult units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $5,100,000
- Lender: DLP Capital
- Landlord: Ray Mazzie - Southern Waters Capital
- Joint Venture Partners: Southeast Partners (Charleston) and Southern Waters Capital (Fort Lauderdale)
The transaction is facilitated by a partnership between Charleston-based Southeast Partners and Fort Lauderdale-based Southern Waters Capital, highlighting collaboration in the development sector. Ray Mazzie represents Southern Waters Capital in this deal.
On the Map
$5,100,000
$3/SF
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.11%
Cash-on-Cash
-0.89%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93