E&S Ring Management Corp Secures $75M Loan For 508-Unit Multifamily In Costa Mesa
FINANCED
$75,000,000
Florida
See Similar DealsMultiFamily3,785 SF
Financed 04/29/2020
FINANCED
E&S Ring Management Corp Secures $75M Loan For 508-Unit Multifamily In Costa Mesa
2400 Harbor Blvd, Port Charlotte, FL 33952, USA
See Similar DealsMultiFamily3,785 SF
Financed 04/29/2020
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$19,815
Total Square Footage:3,785 SF
Transaction Type:Loan
The multifamily property located at 2400 Harbor Blvd in Costa Mesa has been involved in a closed transaction. The property is owned by E&S Ring Management Corp. The deal was facilitated by brokers Nathan Prouty and Andy Slaton from NorthMarq. The transaction involved a loan amount of $75,000,000 with a term of 10 years. The property consists of 508 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $75,000,000
- Loan Terms: 10 years
- Units: 508
- Landlord: E&S Ring Management Corp
- Brokers: Nathan Prouty & Andy Slaton – NorthMarq
Nathan Prouty and Andy Slaton from NorthMarq played a key role in this transaction as brokers representing the buyer, seller, landlord, or tenant. The deal highlights their expertise in the Costa Mesa market.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$75,000,000.00
Monthly NOI$500,000.00
Monthly Debt Service$474,051.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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