Updated Oct 28, 2024
Red Knight Properties Acquires Belleview Apartments In Belleview, FL With $5.2M Loan
11322 Southeast 55th Avenue Road, Belleview, Florida 34420, United States
$5,215,000
$103/SF
Building Size
50,304 SF
Asset Type
MultiFamily
Closing
Apr 28, 2022
About this deal
AI
The multifamily property located at 11322 SE 55th Avenue Rd in Belleview, FL has recently been involved in a closed transaction. The property consists of 56 units and spans a total of 50,304 square feet.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,215,000
- Address: 11322 SE 55th Avenue Rd, Belleview, FL
- Market: Belleview, FL
- Units: 56
- Square Feet: 50,304
The loan for the acquisition of Belleview Apartments, provided by Trevian Capital, amounted to $5,215,000. The loan was secured at a 75% loan-to-value (LTV) ratio and had a 12-month floating rate term. Throughout the entire term, interest-only payments were made.
The landlord for the property is Red Knight Properties, while the brokers involved in the deal were Matthew Stearns and Zach Lutwak-Fitzgerald from Black Bear Capital Partners.
Players
Belleview 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
3.04%
Cash-on-Cash
-0.87%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93