Cornerstone Capital Arranges $1.775M Loan For West Palm Beach Condo Portfolio Acquisition
101 North Clematis Street, West Palm Beach, FL 33401, USA
$1,775,000
$1,946/SF
Building Size
912 SF
Asset Type
—
Closing
May 31, 2020
About this deal
AI
A package deal consisting of 6 residential condos located at 101 N Clematis Street in West Palm Beach has been closed. The transaction took place on 05/31/2021.
Summary of transaction details:
- Property Type: Package Deal (6 Resi Condos)
- Address: 101 N Clematis Street, West Palm Beach
- Market: West Palm Beach
- Landlord: Peter Clarke
- Loan Amount: $1,775,000
- Loan Terms: 24 Month Interest Only
- Loan Type: Acquisition
The loan was arranged by@CornerstoneCapitalOfNY specifically for the buyer's request. With this loan, the buyer will be able to renovate all the units and collect market rent. For more information, you can contact Russell Nova - Principal at 718 975 8900 X 101 or [email protected], and Alexander Nemirovskiy - Credit Officer at 718 975 8900 X 105 or [email protected].
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.94%
Cash-on-Cash
-2.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93