Freddie Mac Provides $42.7M Loan For Multifamily Property In St. Petersburg
FINANCED
$42,700,000
Florida
See Similar DealsMultiFamily114,476 SF
Financed 03/22/2021
FINANCED
Freddie Mac Provides $42.7M Loan For Multifamily Property In St. Petersburg
10475 Gandy Blvd N, St. Petersburg, FL, USA
See Similar DealsMultiFamily114,476 SF
Financed 03/22/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$373
Total Square Footage:114,476 SF
Transaction Type:Loan
The multifamily property located at 10475 Gandy Blvd North in St. Petersburg was involved in a closed transaction on March 22, 2021. The property, consisting of 295 units, was the subject of a loan provided by Freddie Mac.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $42,700,000
- Market: St. Petersburg
- Lender: Freddie Mac
- Landlord: Carroll Organization & LCOR Inc.
- Broker: JLL
The loan, amounting to $42,700,000, offered a term of 10 years. The lender, Freddie Mac, facilitated the transaction for the multifamily property owned by Carroll Organization & LCOR Inc. The deal was brokered by JLL. This transaction highlights the collaboration between industry professionals in successfully financing the acquisition of this multifamily asset.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$42,700,000.00
Monthly NOI$284,666.67
Monthly Debt Service$269,893.05
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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