Prospect Real Estate Group & Midtown Capital Secures $28.7M Construction Loan For Lake Worth Multifamily
FINANCED
$28,700,000
Florida
See Similar DealsMultiFamily14,113 SF
Financed 09/03/2021
FINANCED
Prospect Real Estate Group & Midtown Capital Secures $28.7M Construction Loan For Lake Worth Multifamily
2253 Keast Lane, Lake Worth, FL 33461, USA
See Similar DealsMultiFamily14,113 SF
Financed 09/03/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$2,033
Total Square Footage:14,113 SF
Transaction Type:Loan
Located at 2253 Keast Lane in Lake Worth, this multi-family property spans across 6.4 acres and consists of 240 units. The property is part of a closed transaction, with Prospect Real Estate Group and Midtown Capital serving as the landlords.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $28,700,000
- Units: 240
- Acres: 6.4
The construction loan for this property was provided by Pensam Capital, with Dominic Rechichi representing the lender. The loan amount is $28,700,000. The deal involved the collaboration between Prospect Real Estate Group, Midtown Capital, and Pensam Capital.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$28,700,000.00
Monthly NOI$191,333.33
Monthly Debt Service$181,403.52
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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