Benefit Street Partners Provides $47M Loan For Palm Bay Multifamily Acquisition
2155 Robert J Conlan Blvd NE, Palm Bay, FL 32905, USA
$47,000,000
$14,687/SF
Building Size
3,200 SF
Asset Type
MultiFamily
Closing
Aug 19, 2020
AI
The property asset involved in this closed transaction is located at 2155 Robert J. Conlan Blvd in Palm Bay. It is a multifamily property consisting of 320 units. The loan for this transaction was provided by Benefit Street Partners, with a total loan amount of $47,000,000. The landlord of the property is Northshore Development, represented by Franz Hanning.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $47,000,000
- Address: 2155 Robert J. Conlan Blvd
- Market: Palm Bay
- Units: 320
The brokers involved in this transaction were Jeffrey Donnelly and Dmitry Levkov from Colliers International.
Players
Palm Bay 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
0.34%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93