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Garrett Fierstein Of Marcus & Millichap Capital Corporation Secures $6M Refinance For Multifamily Asset In Daytona Beach

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FINANCED
$6,000,000

Florida

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MultiFamily
Financed 05/13/2025
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FINANCED

Garrett Fierstein Of Marcus & Millichap Capital Corporation Secures $6M Refinance For Multifamily Asset In Daytona Beach

1350 Virginia Avenue & 2140 South Palmetto Avenue

See Similar Deals
MultiFamily
Financed 05/13/2025
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan

The property involved in the transaction consists of two multifamily assets, Fairways and River Breeze Apartments, located at 1350 Virginia Avenue and 2140 South Palmetto Avenue in the Daytona Beach and South Daytona market. The total number of units in these apartments is 72. The loan amount secured for the refinance is $6,000,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $6,000,000
  • Loan Type: Refinance
  • Loan Terms: 10-year, 6.5% interest loan with 30-year amortization
  • Address: 1350 Virginia Avenue & 2140 South Palmetto Avenue
  • Market: Daytona Beach & South Daytona
  • Broker: Garrett Fierstein - Marcus & Millichap Capital Corporation

Garrett Fierstein represented Marcus & Millichap Capital Corporation in arranging the refinance from a local credit union on behalf of a private client. The loan secures a long-term financial strategy for the multifamily units in question over a period of 10 years.

Players

Garrett Fierstein
Marcus & Millichap
Garrett Fierstein
21 deals$126.6M volume
BROKER

Details

FINANCED
IMAGE: Garrett Fierstein DATE: 05/13/2025 ADDRESS: 1350 Virginia Avenue & 2140 South Palmetto Avenue MARKET: Daytona Beach & South Daytona ASSET TYPE: Multifamily ~ UNITS: 72 BROKER: Garrett Fierstein - Marcus & Millichap Capital Corporation (@MMCapCorp) LOAN AMOUNT: $6,000,000 LOAN TYPE: Refinance LOAN TERMS: 10-year, 6.5% interest loan with 30-year amortization NOTE: Marcus & Millichap Capital Corporation arranged a $6M refinance for Fairways and River Breeze Apartments in Daytona Beach and South Daytona. Garrett Fierstein secured the 10-year, 6.5% interest loan with 30-year amortization from a local credit union on behalf of a private client.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$6,000,000.00

Monthly NOI$40,000.00
Monthly Debt Service$37,924.08
Change in Cash Flow$0.00
Refinance Proceeds$0.00