ACRES Capital Corp. Provides $73.4M Construction Loan For Reflection Condominiums In St. Petersburg
FINANCED
$73,375,000
Florida
See Similar DealsCondo
Financed 11/04/2022
FINANCED
ACRES Capital Corp. Provides $73.4M Construction Loan For Reflection Condominiums In St. Petersburg
St Petersburg, Florida, United States
See Similar DealsCondo
Financed 11/04/2022
Summary
FLORIDA
Asset Type:Condo
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$73,375,000.00
Monthly NOI$489,166.67
Monthly Debt Service$463,779.91
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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