Onyx Funding Arranges $1.35M Acquisition Loan For 4-Unit Multifamily In Wynwood, Miami

A multifamily property located at 151 NW 33rd St in Wynwood, Miami, has recently been closed in a transaction. The property spans approximately 3,500 square feet and consists of four units.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $1,350,000
• Address: 151 NW 33rd St, Wynwood, Miami
• Market: Wynwood, Miami
• Size: 3,500 square feet
• Number of Units: 4

The loan for this transaction was provided by Joel Eidelstein. The landlord involved in the deal is Ross Marchetta. The broker representing the buyer is Daniel Taylor from Onyx Funding.

The loan amount for this acquisition loan is $1,350,000. It has a loan-to-cost (LTC) ratio of 75% and a term of 12 months with interest-only payments. The deal closed in just 72 hours, thanks to the efficient execution by the team at Onyx Funding and the lender.

This 4-unit property in the heart of Wynwood will be used for short-term rentals. At the time of closing, it was already fully booked for the next four months, which highlights its strong potential in the market. The buyer, a repeat client of Daniel Taylor and the Onyx Funding team, required a quick closing, and their expertise enabled them to arrange the acquisition loan in less than 72 hours to meet the client's needs.