Valley Bank Provides $24M Construction Loan For Redwood Dev Co's Multifamily In Opa Locka
13800 Northwest 22nd Avenue
$24,000,000
$171/SF
Building Size
140,000 SF
Asset Type
MultiFamily
Closing
Apr 3, 2023
AI
The property asset involved in this closed transaction is located at 13800 Northwest 22nd Avenue in Opa Locka. It is a multifamily property consisting of 98 units with a total square footage of 140,000. The property is owned by Redwood Dev Co, represented by David Burstyn and Brian A. Sidman.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $24,000,000
- Market: Opa Locka
- Lender: Valley Bank
- Loan Type: Construction Loan
- Loan Terms: Construction to Perm
The lender in this transaction is Valley Bank, providing a construction loan of $24,000,000. The loan terms are construction to permanent. Redwood Dev Co, represented by David Burstyn and Brian A. Sidman, acted as the landlord in this deal.
Players
Market 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
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93