Updated Oct 28, 2024
Lument Provides $26.7M Bridge Loan For Melbourne Multifamily Property
220 East University Boulevard, Melbourne, Florida 32901, United States
$26,700,000
Units
229
Asset Type
MultiFamily
Closing
Jan 26, 2022
About this deal
AI
The property involved in this closed transaction is a multifamily asset located at 220 E University Blvd in Melbourne. The property consists of 229 units and is situated in the Melbourne market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $26,700,000
- Address: 220 E University Blvd, Melbourne
- Market: Melbourne
- Units: 229
The lender for this transaction is lument''>Lument, with Josh Messier representing them. The loan amount for this bridge loan is $26,700,000. The loan terms include a variable interest rate and a three-year term, with two 12-month extension options.
Players
Melbourne 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
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93