Pelican Builders & Ranman USA Secures $89M Construction Loan For Houston Condo On San Felipe St
5656 San Felipe Street, Houston, TX 77056, USA
$89,000,000
$29,018/SF
Building Size
3,067 SF
Asset Type
—
Closing
Aug 10, 2020
About this deal
AI
The construction of a new condominium in Houston has received a significant loan of $89,000,000. The property, located at 5656 San Felipe St, consists of 67 units and is being developed by Pelican Builders and Ranman USA. The loan, provided by ACRES Capital and facilitated by Drew Miller, is a construction loan with an initial term of 36 months.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $89,000,000
- Address: 5656 San Felipe St
- Market: Houston
- Units: 67
Steven Buchwald of Mission Capital represented the borrower in this transaction. He played a crucial role in securing the loan from ACRES Capital. This deal highlights the collaboration between developers, Pelican Builders and Ranman USA, who are working together to bring this condominium project to life.
Players
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Boundary boundary · CRE · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93