Updated Oct 28, 2024
Grant Cardone's Cardone Capital Secures $63.5M Loan For Fort Lauderdale Multifamily
1919 SE 10th Ave, Fort Lauderdale, FL, USA
$63,500,000
$51,333/SF
Building Size
1,237 SF
Asset Type
MultiFamily
Closing
Apr 29, 2021
About this deal
AI
A seven-year loan for $63,500,000 has been secured for a multifamily property located at 1919 SE 10th Ave in Fort Lauderdale. The loan, provided by New York Community Bank, offers full-term, interest-only payments.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $63,500,000
- Address: 1919 SE 10th Ave
- Market: Fort Lauderdale
- Lender: New York Community Bank
- Landlord: Grant Cardone - Cardone Capital
- Brokers: Meridian Capital Group - Israel Schubert
Grant Cardone, the landlord of the property, representing Cardone Capital, successfully secured the loan for this multifamily asset. The transaction was facilitated by Meridian Capital Group, with Israel Schubert representing the brokerage firm.
Players
Fort Lauderdale 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
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93