Updated Oct 29, 2024
Ready Capital Provides $76M Construction Loan For Multifamily Development In Jacksonville, FL
1030 Broadcast Place
$76,000,000
$212/SF
Building Size
358,417 SF
Asset Type
MultiFamily
Closing
Nov 22, 2022
About this deal
AI
The multifamily property located at 1030 Broadcast Place and 0 Montana Ave in Jacksonville, FL has recently undergone a closed transaction. With a total square footage of 358,417 and a total of 340 units, this property offers a substantial investment opportunity in the thriving Jacksonville market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $76,000,000
- Lender: Ready Capital
- Broker: Max Ralby - HKS Real Estate Advisors
- Loan Amount: $76,000,000
- Loan Type: Construction
- Loan Terms: 80% LTC, Non-Recourse
Max Ralby from HKS Real Estate Advisors represented the buyer/seller/landlord/tenant in this transaction, working closely with Ready Capital as the lender. The loan obtained for this transaction is a construction loan, providing the necessary funding for further development of the multifamily property.
Players
Jacksonville MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93