Northshore Development Secures $48.42 Million Refinance Loan From ACORE Capital For Multifamily Asset In Palm Bay
2331 Commerce Park Drive Northeast
$48,420,000
$48/SF
Building Size
1,007,800 SF
Asset Type
Mixed-use
Closing
May 30, 2025
About this deal
AI
The property asset involved in the transaction is a multifamily asset located at 2331 Commerce Park Drive Northeast, in the Palm Bay market. The transaction consisted of a refinance loan amounting to $48,420,000 for the 248-unit property.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $48,420,000
- Asset Address: 2331 Commerce Park Drive Northeast
- Market: Palm Bay
- Lender: ACORE Capital
- Landlord: Northshore Development - Franz Hanning & Andrew Steel
- Broker Representatives: Brian Gaswirth, Ted Taylor, Kyle Butler & Aaliyah St. Louis - JLL
- Loan Type: Refinance
- Units: 248
The deal involved key individuals such as Franz Hanning and Andrew Steel representing Northshore Development as the landlords. The transaction was brokered by Brian Gaswirth, Ted Taylor, Kyle Butler, and Aaliyah St. Louis from JLL, facilitating the refinancing process with ACORE Capital as the lender.
On the Map
$48,420,000
$48/SF
Mixed-use
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Players
Palm Bay Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93