Updated Dec 4, 2024
Sheridan Capital Provides $8.8M Bridge Loan For MultiFamily Property In Tallahassee
1616 Mc Caskill Avenue & 1619 Lake Avenue
$8,800,000
$39/SF
Building Size
110,557 SF
Asset Type
MultiFamily
Closing
Sep 21, 2023
About this deal
AI
A Bridge loan was secured for a MultiFamily property located at 1616 Mccaskill Avenue & 1619 Lake Avenue in Tallahassee. The property consists of 167 units and spans across 110,557 square feet. The loan was provided by Sheridan Capital for an amount of $8,800,000.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $8,800,000
- Units: 167
- Square Footage: 110,557
- Address: 1616 Mccaskill Avenue & 1619 Lake Avenue, Tallahassee
- Lender: Sheridan Capital
- Loan Type: Bridge
Sheridan Capital played a significant role in providing the bridge loan for this MultiFamily property in Tallahassee. This transaction highlights the expertise of the lender in facilitating financing for commercial real estate. The loan amount of $8,800,000 demonstrates the lender's confidence in the property's potential and the borrower's ability to execute the proposed plans.
Players
Tallahassee 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
1.80%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93