Empire Group Secures $58 Million Construction Loan For Development Site In San Marcos
$58,000,000
Units
270
Asset Type
Development Site
Closing
Mar 18, 2025
AI
The asset involved in this transaction is a development site located on Center Point Road in the San Marcos market. A construction loan of $58,000,000.00 was secured for this property.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $58,000,000.00
- Loan Type: Construction
- Loan Date: 03/18/2025
- Landlord: The Empire Group
- Brokers: Kyle McDonough (Tower Capital), George Maravilla (Tower Capital)
Kyle McDonough and George Maravilla from Tower Capital represented the transaction on behalf of The Empire Group, the landlord for the development site. Their involvement highlights the brokerage support in executing this significant financial deal.
Players
Market 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
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93