Citigroup Provides $8.65M Acquisition Loan For Special Purpose Property In Jacksonville Beach
3250 Northeast Candice Avenue, Jensen Beach, Florida 34957, United States
$8,650,000
$56/SF
Building Size
152,000 SF
Asset Type
—
Closing
Apr 14, 2022
About this deal
AI
The special purpose property located at 3250 NE Candice Ave in Jacksonville Beach has been recently involved in a closed transaction. This property spans an impressive 152,000 square feet and is situated in a market that offers great potential for investment.
Summary of transaction details:
- Property Type: Special Purpose
- Transaction Amount: $8,650,000
- Date: April 15, 2022
- Asset Address: 3250 NE Candice Ave
- Market: Jacksonville Beach
- Lender: Citigroup
- Landlord: Southern Star
- Broker: Brandon Perdeck from Aries Capital
- Loan Type: Acquisition
- Loan Terms: 10-year Interest Only, Non-recourse loan
The loan provided by Citigroup for the acquisition of this special purpose property amounts to $8,650,000. The loan terms include a 10-year interest-only period, providing flexibility for the borrower. Additionally, the loan is non-recourse, offering further protection to the purchaser.
Players
Jensen Beach CRE Market Snapshot
Boundary boundary · CRE · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.83%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93