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Affiliated Development Acquires Lake Worth Beach Multifamily For $35M Loan

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FINANCED
$35,000,000
NR
JB

Florida

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MultiFamily
Financed 12/20/2019
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Property Image
FINANCED

Affiliated Development Acquires Lake Worth Beach Multifamily For $35M Loan

North Dixie Highway, Lake Worth, FL, USA

See Similar Deals
MultiFamily
Financed 12/20/2019
NR
JB
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan

An multifamily property located at 16th Avenue-North Dixie Highway in Lake Worth Beach was recently involved in a closed transaction. The transaction took place on 12/20/2019, and the property consists of 230 units. The deal was financed by Trez Forman, who provided a loan amount of $35,000,000.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $35,000,000
  • Address: 16th Avenue-North Dixie Highway
  • Market: Lake Worth Beach
  • Units: 230
  • Lender: Trez Forman
  • Landlord: Affiliated Development - Jeff Burns, Nick Rojo

Affiliated Development, represented by Jeff Burns and Nick Rojo, served as the landlord in this transaction. They were responsible for overseeing the deal and ensuring its successful completion.

Details

FINANCED
IMAGE: Jeff Burns & Nick Rojo DATE: 12/20/2019 ADDRESS: 16th Avenue-North Dixie Highway MARKET: Lake Worth Beach ASSET TYPE: Multifamily LENDER: Trez Forman LANDLORD: Affiliated Development - Jeff Burns, Nick Rojo LOAN AMOUNT: $35,000,000 UNITS: 230

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$35,000,000.00

Monthly NOI$233,333.33
Monthly Debt Service$221,223.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00