Updated Oct 28, 2024
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
About this deal
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.
On the Map
$91,000,000
$54,458/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
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93