Updated Oct 28, 2024
MSP Enterprises Refinances Multifamily Property In Delray Beach For $37M With John Hancock
14768 Enclave Lakes Drive, Delray Beach, FL, USA
$37,000,000
$2,936/SF
Building Size
12,599 SF
Asset Type
MultiFamily
Closing
Apr 29, 2021
About this deal
AI
The multifamily property located at 14768 Enclave Lakes Drive in Delray Beach has undergone a refinancing transaction. The loan for the property was provided by John Hancock. The terms of the loan include a 10-year fixed rate full term interest loan with a 67% loan-to-cost ratio. The total loan amount for the transaction was $37,000,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $37,000,000
- Loan Type: Refinance
- Lender: John Hancock
- Landlord: MSP Enterprises
- Brokers: Charles Foschini & Christopher Apone - Berkadia Miami
- Address: 14768 Enclave Lakes Drive
- Market: Delray Beach
- Loan Terms: 10-year, fixed rate full term interest loan with a 67% LTC
The brokers involved in the deal were Charles Foschini and Christopher Apone from Berkadia Miami. They represented the parties in the transaction and facilitated the refinancing process for the multifamily property in Delray Beach.
Players
Delray Beach 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
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93