Pelican Builders & Ranman USA Secures $89M Construction Loan For Houston Condo On San Felipe St
FINANCED
$89,000,000
Texas
See Similar Deals3,067 SF
Financed 08/10/2020
FINANCED
Pelican Builders & Ranman USA Secures $89M Construction Loan For Houston Condo On San Felipe St
5656 San Felipe Street, Houston, TX 77056, USA
See Similar Deals3,067 SF
Financed 08/10/2020
Summary
TEXAS
Price Per Square Foot:$29,018
Total Square Footage:3,067 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$89,000,000.00
Monthly NOI$593,333.33
Monthly Debt Service$562,540.54
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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