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Red Knight Properties Acquires Multifamily Property In Ocala, FL With $1.8M Loan From Trevian Capital

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FINANCED
$1,785,000
Zach Lutwak-Fitzgerald
Matthew (Matt) Stearns

Florida

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MultiFamily20,208 SF
Financed 05/16/2022
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FINANCED

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

See Similar Deals
MultiFamily20,208 SF
Financed 05/16/2022
Zach Lutwak-Fitzgerald
Matthew (Matt) Stearns
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$88
Total Square Footage:20,208 SF
Transaction Type:Loan

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

Matthew (Matt) Stearns
Black Bear Capital Partners
Matthew Stearns
34 deals$910.4M volume
BROKER
Zach Lutwak-Fitzgerald
Black Bear Capital Partners
Zach Lutwak-Fitzgerald
29 deals$802.9M volume
BROKER
Trevian Capital
Trevian Capital
LENDER
RP
Red Knight Properties
LANDLORD

Details

FINANCED
IMAGE: Matthew Stearns & Zach Lutwak-Fitzgerald DATE: 05/16/2022 ADDRESS: 1938 SW 31st Ave MARKET: Ocala, FL ASSET TYPE: Multifamily ~ SF: 20,208 NRSF LENDER: Trevian Capital (@TrevianCapital) LANDLORD: Red Knight Properties (@RedKnightProperties) BROKERS: Matthew Stearns & Zach Lutwak-Fitzgerald (@ZFitzgerald40) - Black Bear Capital Partners (@BlackBearCapitalPartners) LOAN AMOUNT: $1,785,000 LOAN TYPE: Acquisition LOAN TERMS: The acquisition of Paradise Apartments, a 24-unit multifamily apartment property, was financed via a 12-month floating rate loan at 75% LTV and interest only payments for the entirety of the term.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$1,785,000.00

Monthly NOI$11,900.00
Monthly Debt Service$11,282.41
Change in Cash Flow$0.00
Refinance Proceeds$0.00