Updated Oct 28, 2024
State Farm Provides $21M Loan For 208-Unit Multifamily Property In Kendall, Miami
13901 Southwest 122nd Avenue, Miami, Florida 33186, United States
$21,000,000
Units
208
Asset Type
MultiFamily
Closing
Jul 27, 2022
About this deal
AI
A multifamily property located at 13901 SW 122nd Avenue in Kendall, Miami, was recently involved in a closed transaction. The property consists of 208 units and is owned by RILEA Group. The deal was facilitated by brokers Charles Foschini, Christopher Apone, and Shannon Wilson from Berkadia.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $21,000,000
- Loan Provider: State Farm
- Loan Terms: 10-year, fixed-rate loan, with interest only
- Landlord: RILEA Group
- Brokers: Charles Foschini, Christopher Apone, and Shannon Wilson - Berkadia
The loan for the transaction was sourced from State Farm. The 10-year loan has a fixed interest rate and is interest-only. The involvement of Charles Foschini, Christopher Apone, and Shannon Wilson from Berkadia ensured successful completion of the deal.
Players
Miami 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
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93