Updated Sep 9, 2024
Merchants Bank Of Indiana Provides $23.4M Bridge Loan For Multifamily Property Acquisition In Tampa
13835 Heritage Club Dr, Tampa, FL, USA
$23,400,000
$18,993/SF
Building Size
1,232 SF
Asset Type
MultiFamily
Closing
Aug 18, 2020
About this deal
AI
The multifamily property located at 13835 Heritage Club Dr in Tampa has recently undergone a closed transaction. The property, represented by Shlomo Tajerstein, was financed through a bridge loan provided by Merchants Bank of Indiana. The loan amount for this transaction was $23,400,000. The loan terms include 80% of the purchase price and 100% of the capital expenditure, with a 3.30% interest-only rate.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $23,400,000
- Lender: Merchants Bank of Indiana
- Landlord: Shlomo Tajerstein
- Broker: Jonathan Singer - Strategic Funding
- Loan Type: Bridge Loan
Jonathan Singer from Strategic Funding was the broker involved in this deal, representing the parties. This transaction highlights the successful collaboration between the lender, Merchants Bank of Indiana, and the landlord, Shlomo Tajerstein, in securing the bridge loan for the multifamily property on 13835 Heritage Club Dr in Tampa.
On the Map
$23,400,000
$18,993/SF
MultiFamily
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Players
Tampa 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
0.68%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93