John & Howard Dorough Secure $20.5M Loan For Cocoa Beach Condo
41 North Atlantic Avenue, Cocoa Beach, FL, USA
$20,500,000
$7,715/SF
Building Size
2,657 SF
Asset Type
—
Closing
Aug 13, 2020
About this deal
AI
The property involved in the transaction is a condo located at 41 N. Atlantic Ave in Cocoa Beach. The transaction took place on 08/13/2021.
Summary of transation details
- Property Type: Condo
- Transaction Amount: $20,500,000
- Address: 41 N. Atlantic Ave
- Market: Cocoa Beach
The lender for this transaction was Trez Capital. Ben Jacobson, Brett Forman, and Scott Mehlman represented the lender in the deal. The loan amount provided was $20,500,000, with a two-year loan term. There are a total of 25 units in the condo.
The landlord in this transaction is John and Howard Dorough, who own Dorough Brothers Properties.
Players
Cocoa 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
0.77%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93