Ready Capital Provides $76M Construction Loan For Multifamily Development In Jacksonville, FL
FINANCED
$76,000,000
Florida
See Similar DealsMultiFamily358,417 SF
Financed 11/22/2022
FINANCED
Ready Capital Provides $76M Construction Loan For Multifamily Development In Jacksonville, FL
1030 Broadcast Place
See Similar DealsMultiFamily358,417 SF
Financed 11/22/2022
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$212
Total Square Footage:358,417 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$76,000,000.00
Monthly NOI$506,666.67
Monthly Debt Service$480,371.70
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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