Updated Oct 29, 2024
Fort Family Investments Acquires 1,604-Unit Multifamily Portfolio In Jacksonville With $270.5M Loan From Freddie Mac
13490 Gran Bay Parkway, Jacksonville, FL, USA
$270,500,000
$7,693/SF
Building Size
35,160 SF
Asset Type
MultiFamily
Closing
Dec 14, 2020
About this deal
AI
A multifamily property in Jacksonville, located at 13490 Gran Bay Parkway, 8680 Baymeadows Road E., 13050 Gran Bay Parkway & 13800 Egrets Next Drive, has been involved in a recent transaction. The property consists of 1,604 units and is owned by Fort Family Investments, led by Abe Fort.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $270,500,000
- Market: Jacksonville
- Loan Lender: Freddie Mac
- Loan Terms: 10-year terms, each with a 2.72 percent coupon. The loans require interest-only payments for the first 5 years
- Landlord: Fort Family Investments - Abe Fort
- Broker: NorthMarq
The loan for this transaction was provided by Freddie Mac. The transaction was facilitated by NorthMarq as the broker.
Players
Jacksonville 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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93