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Arbor Realty Trust Provides $43.9M Bridge Loan For Multifamily Property In Gainesville

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FINANCED
$43,900,000
Kyle Kundiger
Kyle Schlitt
James Maynard
+ 4

Florida

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MultiFamily720 SF
Financed 10/29/2021
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FINANCED

Arbor Realty Trust Provides $43.9M Bridge Loan For Multifamily Property In Gainesville

2220 Southwest 34th Street, Gainesville, FL, USA

See Similar Deals
MultiFamily720 SF
Financed 10/29/2021
Kyle Kundiger
Kyle Schlitt
James Maynard
+ 4
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$60,972
Total Square Footage:720 SF
Transaction Type:Loan

A bridge loan in the amount of $43,900,000 has been secured for the multifamily property located at 2220 Southwest 34th Street and 500 Southwest 34th Street in Gainesville. The property consists of 380 residential units and is owned by Cyclone Group, represented by Archie Eichorn and Charles Aryeh. The loan, provided by Arbor Realty Trust, will serve as a full-leverage bridge loan with 100 percent of the capital expenditures future funded.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $43,900,000
  • Units: 380
  • Lender: Arbor Realty Trust
  • Landlord: Cyclone Group - Archie Eichorn & Charles Aryeh

The transaction was facilitated by brokers Henry Stimler, Bill Weber, Ari Schwartzbard, James Maynard, and Kyle Schlitt from Newmark, representing Cyclone Group. Additionally, Ryan Moody, Andrew Visnick, and Kyle Kundiger from Newmark served as the sale brokers for the deal.

Players

Andrew Visnick
Newmark
Andrew Visnick
5 deals$318.3M volume
BROKER
Ryan Moody
Newmark
Ryan Moody
7 deals$416.9M volume
BROKER
Henry Stimler
Newmark
Henry Stimler
53 deals$4.7B volume
BROKER
Ari Schwartzbard
Newmark
Ari Schwartzbard
22 deals$5.8B volume
BROKER
Kyle Schlitt
Newmark
Kyle Schlitt
11 deals$728.7M volume
BROKER
James Maynard
Newmark
James Maynard
10 deals$999.4M volume
BROKER
Kyle Kundiger
Newmark
Kyle Kundiger
1 deal$43.9M volume
BROKER
Arbor Realty Trust
Arbor Realty Trust
LENDER
CG
Cyclone Group
LANDLORD
CG
Cyclone Group
LANDLORD

Details

FINANCED
IMAGE: Ryan Moody, Bill Weber, Andrew Visnick, James Maynard, Kyle Kundiger, Ari Schwartzbard, Kyle Schlitt & Henry Stimler DATE: 10/29/2021 ADDRESS: ​​2220 Southwest 34th Street, 500 Southwest 34th Street MARKET: Gainesville ASSET TYPE: Multifamily ~ UNITS: 380 LENDER: Arbor Realty Trust LANDLORD: Cyclone Group - Archie Eichorn & Charles Aryeh BROKERS: Henry Stimler, Bill Weber, Ari Schwartzbard, James Maynard & Kyle Schlitt - Newmark SALE BROKERS: Ryan Moody, Andrew Visnick & Kyle Kundiger - Newmark LOAN AMOUNT: $43,900,000 LOAN TYPE: Bridge LOAN TERM: full-leverage bridge loan with 100 percent of capital expenditures future funded

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$43,900,000.00

Monthly NOI$292,666.67
Monthly Debt Service$277,477.86
Change in Cash Flow$0.00
Refinance Proceeds$0.00