Atlantic Pacific Companies & LEM Capital Acquire MultiFamily Property In Plantation For $52.9M Loan Provided By Freddie Mac
10900 NW 17th St, Plantation, FL 33322, United States
$52,896,000
Building Size
—
Asset Type
MultiFamily
Closing
Jul 12, 2023
AI
The Atlantic Preserve, located at 10900 NW 17th St in Plantation, is a multi-family property with 293 units. The property was recently involved in an acquisition loan transaction.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $52,896,000
- Lender: Freddie Mac
- Landlord: Atlantic Pacific Companies & LEM Capital
- Landlord's Representative: Mitch Sinberg, Brad Williamson, Matthew (Matt) Robbins, Scott Wadler, & Abigail Beauchamp - Berkadia
- Loan Type: Acquisition
- Loan Terms: Adjustable-Rate Loan with a 10-year term
The loan, provided by Freddie Mac, amounted to $52,896,000. The Atlantic Preserve is owned by Atlantic Pacific Companies and LEM Capital, with their representatives, Mitch Sinberg, Brad Williamson, Matthew (Matt) Robbins, Scott Wadler, and Abigail Beauchamp from Berkadia, handling the deal. The loan is an adjustable-rate loan with a 10-year term.
Players
Miami 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
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93