Updated Oct 29, 2024
VyStar Credit Union Provides $1.85M Refinance Loan For Multifamily Property In Ocala, FL
1938 Sw 31st Avenue
$1,852,500
$185,250/SF
Building Size
10 SF
Asset Type
MultiFamily
Closing
Jan 31, 2023
About this deal
AI
The 24-unit garden-style apartment complex located at 1938 SW 31st Avenue in Ocala, FL has recently undergone a refinancing transaction. The property, owned by Red Knight Properties, secured a loan amount of $1,852,500 from VyStar Credit Union. The loan type is a refinance, offering favorable terms to the landlord. The 7-year fixed-rate loan includes interest-only payments, providing a flexible arrangement for Red Knight Properties.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $1,852,500
- Market: Ocala, FL
The brokers involved in this transaction were Matthew Stearns and Zach Lutwak-Fitzgerald from Black Bear Capital Partners. Their expertise played a crucial role in facilitating the refinancing deal for Red Knight Properties. By leveraging their industry knowledge, Stearns and Lutwak-Fitzgerald ensured favorable terms for their client, allowing Red Knight Properties to optimize their investment in the apartment complex.
Players
Miami MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Zach Lutwak-Fitzgerald to view all their deals.
Browse Miami multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
8.56%
Cash-on-Cash
-2.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93