Updated Oct 28, 2024
PGIM Real Estate Provides $21.3M Loan For Multifamily Property In Oceanside
371 North Cleveland Street
$21,300,000
$1,065/SF
Building Size
20,000 SF
Asset Type
MultiFamily
Closing
May 18, 2020
About this deal
AI
The multifamily property located at 371 North Cleveland in Oceanside has been involved in a closed transaction. The deal took place on May 18, 2021, and the property consists of 52 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $21,300,000
- Address: 371 North Cleveland, Oceanside
- Market: Oceanside
The lender for this transaction was PGIM Real Estate, represented by Eric Adler. The loan amount provided was $21,300,000, and the term of the loan was three years.
The property is owned by Pelican Communities, and the brokers involved in the deal were Keystone Mortgage Corp.
Players
Oceanside MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.74%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93