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Red Knight Properties Acquires Belleview Apartments In Belleview, FL With $5.2M Loan

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FINANCED
$5,215,000
Zach Lutwak-Fitzgerald
Matthew (Matt) Stearns

Florida

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MultiFamily50,304 SF
Financed 04/29/2022
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Property Image
FINANCED

Red Knight Properties Acquires Belleview Apartments In Belleview, FL With $5.2M Loan

11322 Southeast 55th Avenue Road, Belleview, Florida 34420, United States

See Similar Deals
MultiFamily50,304 SF
Financed 04/29/2022
Zach Lutwak-Fitzgerald
Matthew (Matt) Stearns
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$103
Total Square Footage:50,304 SF
Transaction Type:Loan

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

Matthew (Matt) Stearns
Black Bear Capital Partners
Matthew Stearns
34 deals$910.4M volume
BROKER
Zach Lutwak-Fitzgerald
Black Bear Capital Partners
Zach Lutwak-Fitzgerald
29 deals$802.9M volume
BROKER
Trevian Capital
Trevian Capital
LENDER
RP
Red Knight Properties
LANDLORD

Details

FINANCED
IMAGE: Matthew Stearns & Zach Lutwak-Fitzgerald DATE: 04/29/2022 ADDRESS: 11322 SE 55th Avenue Rd MARKET: Belleview, FL ASSET TYPE: Multifamily ~ UNITS: 56 ~ SF: 50,304 LENDER: Trevian Capital LANDLORD: Red Knight Properties (@RedKnightProperties) BROKERS: Matthew Stearns & Zach Lutwak-Fitzgerald - Black Bear Capital Partners (@BlackBearCapitalPartners) LOAN AMOUNT: $5,215,000 LOAN TYPE: Acquisition LOAN TERMS: The acquisition of Belleview Apartments, a 56-unit multifamily apartment property, was financed via a 12-month floating rate loan at 75% LTV and interest only payments for the entirety of the term.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$5,215,000.00

Monthly NOI$34,766.67
Monthly Debt Service$32,962.35
Change in Cash Flow$0.00
Refinance Proceeds$0.00