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7000 Harris Parkway

Paradigm CRE Secures $16.992M Construction Loan For Assisted Living Facility Development
FINANCEDDevelopment Site

Paradigm CRE Secures $16.992M Construction Loan For Assisted Living Facility Development

7000 Harris Parkway

$16,992,000

Building Size

Asset Type

Development Site

Closing

Mar 1, 2024

AI

The property involved in the transaction is a Development Site located at 7000 Harris Parkway in Fort Worth. The asset type is an 88-unit Assisted Living + Memory Care Facility with a building square footage of 69,970. The loan amount secured for this project is $16,992,000, and it is a Construction Loan with terms of 70% Loan to Cost, 3 years of Interest Only payments, a 25-year Amortization schedule, and no Prepayment penalty.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $16,992,000
  • Address: 7000 Harris Parkway
  • Market: Fort Worth
  • Asset Type: 88-unit Assisted Living + Memory Care Facility
  • BSF: 69,970
  • Loan Type: Construction Loan
  • Loan Terms: 70% LTC, 3yrs IO, 25yr Amort, No Prepay, Prime

Adrian Edery and Sara Frankel from Paradigm Commercial Real Estate, as brokers, successfully closed on the construction financing for the development of the 88-unit Assisted Living + Memory Care Facility in Ft Worth, TX. Paradigm CRE is actively involved in securing debt nationwide across various asset classes and capital stack structures.

Players

Adrian Edery

Two50 Capital Group

Broker

$660.7M

vol

40 deals

Broker

Fort Worth Development Site Market Snapshot

Boundary boundary · Development Site · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.93%

Cash-on-Cash

-0.27%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93