Updated Oct 28, 2024
Red Knight Properties Acquires Multifamily Property In Ocala, FL With $1.8M Loan From Trevian Capital
1938 Southwest 31st Avenue, Ocala, Florida 34474, United States
$1,785,000
$88/SF
Building Size
20,208 SF
Asset Type
MultiFamily
Closing
May 15, 2022
About this deal
AI
The acquisition of Paradise Apartments, a 24-unit multifamily apartment property, located at 1938 SW 31st Ave in Ocala, FL, was financed through a 12-month floating rate loan. The loan amount of $1,785,000 represented 75% of the property's value, with interest-only payments for the entire term.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,785,000
- Address: 1938 SW 31st Ave
- Market: Ocala, FL
- Asset Type: Multifamily
- Square Footage: 20,208 NRSF
The financing for Paradise Apartments was facilitated by Trevian Capital, while Red Knight Properties served as the landlord. Black Bear Capital Partners, represented by Matthew Stearns & Zach Lutwak-Fitzgerald, acted as the brokers in this acquisition loan.
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
8.89%
Cash-on-Cash
-2.54%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93