Palermo Financial Group Provides $4.3M Acquisition Loan For Condo In Sunny Isles Beach
17975 Collins Avenue
$4,300,000
$899/SF
Building Size
4,780 SF
Asset Type
Condo
Closing
Nov 22, 2023
About this deal
AI
Located at 17975 Collins Avenue in Sunny Isles Beach, this condo property was involved in a recent closed transaction. The asset type of this property is a condo, situated in a desirable location in Sunny Isles Beach.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: Not specified
- Address: 17975 Collins Avenue
- Market: Sunny Isles Beach
- Lender: Palermo Financial Group
- Landlord's Rep: Warren Krupp - American Bancshares Mortgage
- Loan Amount: $4,300,000
- Loan Type: Acquisition Loan
- Loan Terms: 12-month bridge loan
The lender for this transaction was Palermo Financial Group. The landlord's representative in the deal was Warren Krupp from American Bancshares Mortgage. The loan amount for this transaction was $4,300,000, and it was an acquisition loan with a 12-month bridge loan term.
On the Map
$4,300,000
$899/SF
Condo
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Sunny Isles Beach Condo Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.69%
Cash-on-Cash
-1.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93