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Cornerstone Capital Financing Secures $1.4M Refinance Loan For Lake Worth Multifamily

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FINANCED
$1,400,000

Florida

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MultiFamily8,190 SF
Financed 05/01/2024
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FINANCED

Cornerstone Capital Financing Secures $1.4M Refinance Loan For Lake Worth Multifamily

2309 Lake Worth Road

See Similar Deals
MultiFamily8,190 SF
Financed 05/01/2024
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$170
Total Square Footage:8,190 SF
Transaction Type:Loan

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

Russell Nova
76 deals$491.1M volume
BROKER

Alexander (Alex Nem) Nemirovskiy
Cornerstone Capital Financing
39 deals$178.1M volume
BROKER

Igor Zakh
Cornerstone Capital Financing
46 deals$287.8M volume
BROKER

Waterman Bank
LENDER

Details

FINANCED
IMAGE: Igor Zakh, Russell Nova & Alexander Nemirovskiy DATE: 05/01/2024 ADDRESS: 2309 Lake Worth Road MARKET: Lake Worth ASSET TYPE: Multifamily ~ UNITS: 10 ~ SF: 8,190 LENDER: Waterman Bank (@WatermanBank) LANDLORD: Linda Rotthie BROKERS: Russell Nova (@RussellNova), Alexander Nemirovskiy (@AlexNemy) & Igor Zakh (@Igor_Zakh) - Cornerstone Capital Financing (@CornerstoneCapitalofNY) LOAN AMOUNT: $1,400,000 LOAN TYPE: Refinance LOAN TERMS: 10 Year Term, 30 YEAR Amortization, 6.5% Rate, 70 LTV NOTE FROM BROKERS: @CornerstoneCapitalofNY secured Financing on this 10 UNIT Multifamily property in Lake Worth FL. We worked directly with the property owner to ensure a long-term product was placed on this asset with Terms that are conducive to the business plan. Please reach out to Cornerstone Capital with any Financing Requests, as we have been very active in the Multifamily space in the FL Market. Office is conveniently located in the Brickell Area of Miami Russell Nova, Principal 917 559 1820 - Cell [email protected] Igor Zakh, COO 917 567 1646 [email protected] Alexander Nemirovsky, Credit Manager 347-751-5232 - Cell [email protected]

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$1,400,000.00

Monthly NOI$9,333.33
Monthly Debt Service$8,848.95
Change in Cash Flow$0.00
Refinance Proceeds$0.00