Russell Nova Of Tallahassee High Road Owner LLC Secures $17.3M Refinance For Multifamily In Tallahassee

The property asset involved in the transaction is located at 1111 High Road in the Tallahassee market, comprising a multifamily asset with a total of 136 units and a square footage of 136,000. The property was purchased in January 2022 when it had 0% occupancy, and as of October 2024, it is now 95% occupied with a strong waitlist. The owners have undertaken significant renovations, including all units and several exterior rehabilitation efforts.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $17,300,000
• Loan Type: Refinance
• Loan Terms: 5.2% Rate, 5 Year Fixed, 2 Year Interest Only
• Number of Units: 136
• Square Footage: 136,000
• Landlord: Russell Nova - Tallahassee High Road Owner LLC
• Brokers: Russell Nova & Igor Zakh - Cornerstone Capital Financing

This transaction involved key contributions from both Igor Zakh and Russell Nova, who represented Cornerstone Capital Financing in arranging the refinancing. The broker team successfully positioned the property for advantageous loan terms, allowing for continued operations and the completion of the business plan for the asset. The refinancing strategy reflects the owners' proactive approach to capitalize on the property's positive occupancy trajectory and market conditions.