Updated Dec 4, 2024
Red Knight Properties Obtains $4.1M Acquisition Loan For Ocala Multifamily Property
1725 Northeast 36th Avenue
$4,075,000
Units
67
Asset Type
MultiFamily
Closing
Nov 24, 2023
About this deal
AI
The acquisition of a multifamily property located at 1725 Northeast 36th Avenue in Ocala, FL has been completed. The property consists of 67 units and was financed through a 5-year fixed-rate loan provided by RWC Lending. The loan amount for the acquisition was $4,075,000. Red Knight Properties acted as the landlord in this transaction.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $4,075,000
- Units: 67
- Market: Ocala, FL
The brokers involved in this deal were Matthew Stearns and Zach Lutwak-Fitzgerald of Black Bear Capital Partners, who represented both the buyer and the seller. They played a crucial role in facilitating the acquisition of the property. The loan secured for this acquisition had 5-year fixed-rate terms, with interest-only payments throughout the entire duration of the loan term.
Players
Ocala 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
3.89%
Cash-on-Cash
-1.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93