Updated Dec 4, 2024
Paradigm CRE Secures $16.992M Construction Loan For Assisted Living Facility Development
7000 Harris Parkway
$16,992,000
Units
88
Asset Type
Development Site
Closing
Mar 1, 2024
About this deal
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
Fort Worth Development Site Market Snapshot
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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