ACRES Capital Corp. Provides $73.4M Construction Loan For Reflection Condominiums In St. Petersburg
St Petersburg, Florida, United States
$73,375,000
Building Size
—
Asset Type
Condo
Closing
Nov 4, 2022
About this deal
AI
The Reflection Condominiums, located in St. Petersburg, was recently involved in a loan transaction. The property is a condo situated on 0.70 acres.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $73,375,000
- Address: Reflection Condominiums
- Market: St. Petersburg
- Lender: ACRES Capital Corp. - Mark Fogel & Drew Miller
- Landlord: Mirror Lake Place, LLC
- Broker: Alex Anderson - Eyzenberg & Company
- Loan Type: Construction Loan
The loan transaction was facilitated by ACRES Capital Corp., represented by Mark Fogel and Drew Miller. The landlord of Reflection Condominiums is Mirror Lake Place, LLC. The broker involved in the deal was Alex Anderson from Eyzenberg & Company.
On the Map
$73,375,000
Condo
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Players
Saint Petersburg Condo Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93