Cornerstone Capital Financing Secures $1.4M Refinance Loan For Lake Worth Multifamily
2309 Lake Worth Road
$1,400,000
$170/SF
Building Size
8,190 SF
Asset Type
MultiFamily
Closing
May 1, 2024
AI
The property at 2309 Lake Worth Road in Lake Worth is a 10-unit multifamily asset spanning 8,190 square feet. The loan for this property was facilitated by Waterman Bank for a total amount of $1,400,000. The landlord of this multifamily property is Linda Rotthie. The financing deal was brokered by Russell Nova, Alexander Nemirovskiy, and Igor Zakh from Cornerstone Capital Financing.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,400,000
- Units: 10
- Square Footage: 8,190
- Address: 2309 Lake Worth Road
- Market: Lake Worth
The key individuals and companies in this deal include Russell Nova, who is the Principal of Cornerstone Capital Financing and can be reached at 917 559 1820, email [email protected]; Igor Zakh, serving as the COO with a contact number of 917 567 1646, email [email protected]; and Alexander Nemirovsky, the Credit Manager, reachable at 347-751-5232 or email [email protected]. These professionals worked directly with the property owner to secure financing with favorable terms for the business plan.
Players
Lake Worth 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
11.33%
Cash-on-Cash
-3.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93