Mill Creek Residential Acquires Multifamily Property In Boca Raton For $165M
5901 Center Drive, Los Angeles, CA, USA
$165,000,000
$236,728/SF
Building Size
697 SF
Asset Type
MultiFamily
Closing
Sep 20, 2019
AI
Mill Creek Residential, a Boca Raton-based landlord, has secured a $165 million loan from Square Mile Capital Management for the multifamily property located at 5901-5902 Center Drive. The property consists of 376 units and is located in an undisclosed market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $165,000,000
- Address: 5901-5902 Center Drive
- Units: 376
JLL brokers Kevin MacKenzie, John Chun, and Nick Lench represented Mill Creek Residential in securing the loan from Square Mile Capital Management.
Players
Los Angeles 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
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93