Updated Dec 4, 2024
Lee McCormick Of Lone Star PACE Provides $16.7M Loan For Carrollton Development Site
2308 Marsh Lane
$16,700,000
Building Size
—
Asset Type
Development Site
Closing
Aug 23, 2024
About this deal
AI
The asset involved in this transaction is a development site located at 2308 & 2328 Marsh Lane in Carrollton. The total square footage of the property is 125,000, which is intended for a luxury car storage facility. The facility will include 67 luxury garage suites, six flex-office units, and secure parking for 120 vehicles.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $16,700,000
- Lender: Nuveen Green Capital
- Landlord: Fred Gans - Garages of America
- Administrator: Lee McCormick - Lone Star PACE
The transaction involved a significant phase of development facilitated by Lone Star PACE, which provided the financing for the construction of the new luxury car storage facility. This marks the second phase of an ongoing development by Garages of America, indicating a commitment to expanding their luxury vehicle storage offerings.
Players
Carrollton Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.95%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93