PGIM Real Estate Provides $91M Acquisition Loan For Multifamily Assets In Tampa And Clearwater
15350 Amberly Drive, Tampa, FL, USA
$91,000,000
$54,458/SF
Building Size
1,671 SF
Asset Type
MultiFamily
Closing
Sep 15, 2021
AI
29th Street Capital has acquired a multifamily property consisting of 503 units located at 15350 Amberly Drive in Tampa and 2690 Enterprise Rd East in Clearwater. The acquisition was made with the help of a $91,000,000 loan provided by PGIM Real Estate.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $91,000,000
- Units: 503
- Address: 15350 Amberly Drive (Tampa) & 2690 Enterprise Rd East (Clearwater)
- Market: Tampa & Clearwater
The deal was facilitated by Mitch Sinberg, Brad Williamson, Justin Ownby, and Wesley Moczul from Berkadia, who represented the buyer in the transaction.
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
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93