Updated Apr 9, 2025
Gantry Arranges $59.6 Million Loan For Acquisition Of Multifamily Communities In Tallahassee And Newport News
2202 West Pensacola Street, 2125 Jackson Bluff Road & 85 29th Street
$59,600,000
Units
249
Asset Type
MultiFamily
Closing
Apr 9, 2025
About this deal
AI
The transaction involves three apartment communities totaling 249 units located at 2202 West Pensacola Street in Tallahassee, FL, 2125 Jackson Bluff Road in Tallahassee, FL, and 85 29th Street in Newport News, VA. The loan amount for this acquisition is $59,600,000, secured under an interest-only structure with a 30-year amortization plan. The properties were obtained out of receivership.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $59,600,000
- Loan Type: Acquisition
- Loan Terms: interest-only, 30-year amortization
- Units: 249
- Market: Tallahassee, FL & Newport News, VA
Alec Frook and Mark Reichter from Gantry facilitated the arrangement of the bridge loans for a private investor's acquisition. They structured the loans with upfront interest-only terms and provided capex funding to support repositioning and leasing of the apartment communities.
On the Map
$59,600,000
MultiFamily
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Tallahassee MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93