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Hunt Cos., EDEN Multifamily & Florida Value Partners Acquire Multifamily Property In North Miami Beach For $71.3M

Property Image
FINANCED
$71,300,000

Florida

See Similar Deals
MultiFamily6,421,303 SF
Financed 05/12/2020
the dealdetailscomps
Property Image
FINANCED

Hunt Cos., EDEN Multifamily & Florida Value Partners Acquire Multifamily Property In North Miami Beach For $71.3M

2145 NE 164th St, North Miami Beach, FL 33162, USA

See Similar Deals
MultiFamily6,421,303 SF
Financed 05/12/2020
the dealdetailscomps

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$11
Total Square Footage:6,421,303 SF
Transaction Type:Loan

The multifamily property located at 2145 NE 164th St in North Miami Beach has been involved in a closed transaction. The property consists of 365 units and is owned by Hunt Cos., EDEN Multifamily, and Florida Value Partners. The lender for this transaction was Hunt Real Estate Capital, represented by James P. Flynn.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $71,300,000
  • Lender: Hunt Real Estate Capital – James P. Flynn
  • Landlord: Hunt Cos., EDEN Multifamily & Florida Value Partners
  • Loan Terms: 11-year, nonrecourse, 3-3.5% fixed rate, 30-year amortization, interest-only
  • Units: 365

In this transaction, Hunt Real Estate Capital represented by James P. Flynn acted as the lender. The property's owners, Hunt Cos., EDEN Multifamily, and Florida Value Partners, successfully secured a loan amount of $71,300,000 under favorable 11-year nonrecourse loan terms. The loan has a fixed interest rate of 3-3.5% and a 30-year amortization period with interest-only payments.

Details

FINANCED
IMAGE: James P. Flynn DATE: 05/12/2020 ADDRESS: 2145 NE 164th St MARKET: North Miami Beach ASSET TYPE: Multifamily LENDER: Hunt Real Estate Capital – James P. Flynn LANDLORD: Hunt Cos., EDEN Multifamily & Florida Value Partners LOAN AMOUNT: $71,300,000 LOAN TERMS: 11-year, nonrecourse, 3-3.5% fixed rate, 30-year amortization, interest-only UNITS: 365

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$71,300,000.00

Monthly NOI$475,333.33
Monthly Debt Service$450,664.50
Change in Cash Flow$0.00
Refinance Proceeds$0.00