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Lee McCormick Of Lone Star PACE Provides $16.7M Loan For Carrollton Development Site
FINANCED
$16,700,000
Texas
See Similar DealsDevelopment Site
Financed 08/23/2024
FINANCED
Lee McCormick Of Lone Star PACE Provides $16.7M Loan For Carrollton Development Site
2308 Marsh Lane
See Similar DealsDevelopment Site
Financed 08/23/2024
Summary
TEXAS
Asset Type:Development Site
Transaction Type:Loan
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
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$16,700,000.00
Monthly NOI$111,333.33
Monthly Debt Service$105,555.36
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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