Madison Capital Group Secures $50.7 Million Loan For Multifamily Asset In Melbourne
FINANCED
$50,700,000
Florida
See Similar DealsMultiFamily1 SF
Financed 10/04/2024
FINANCED
Madison Capital Group Secures $50.7 Million Loan For Multifamily Asset In Melbourne
1934 South Babcock Street
See Similar DealsMultiFamily1 SF
Financed 10/04/2024
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$50,700,000
Total Square Footage:1 SF
Transaction Type:Loan
The property asset involved in the context is a multifamily unit building located at 1934 South Babcock Street in Melbourne, comprising a total of 240 units. The transaction involved a loan amount of $50,700,000, categorized as an aggregate loan with senior loan and preferred equity terms.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $50,700,000
- Address: 1934 South Babcock Street
- Market: Melbourne
- Units: 240
- Lender: First Citizens Bank & Forum Capital Advisors
- Landlord: Madison Capital Group
- Brokers: Alec Fox & Edmund Aramayo - Berkadia
- Loan Type: Aggregate
- Loan Terms: Senior Loan and Preferred Equity
The key individuals involved in this transaction include Alec Fox and Edmund Aramayo, who represent Berkadia. They played a significant role in facilitating the financing through First Citizens Bank & Forum Capital Advisors on behalf of Madison Capital Group.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$50,700,000.00
Monthly NOI$338,000.00
Monthly Debt Service$320,458.49
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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