Updated Oct 28, 2024
Platos Villas Secures $5.9M Bridge Loan For Multifamily Property In Tallahassee, FL
2400 West Tharpe Street, Tallahassee, Florida 32303, United States
$5,900,000
$118,000/SF
Building Size
50 SF
Asset Type
MultiFamily
Closing
Oct 27, 2022
About this deal
AI
Located at 2400 W Tharpe St in Tallahassee, FL, this multifamily property encompasses 50 units and spans a total of 92,225 square feet. It is owned by Platos Villas and was recently involved in a closed transaction.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,900,000
- Lender: Stormfield Capital - Kyle Shea
- Broker: David Jungreis - Walker & Dunlop
The loan for this transaction was provided by Stormfield Capital, with Kyle Shea representing the lender. The loan amount totaled $5,900,000 and was classified as a bridge loan.
Players
Tallahassee 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
2.69%
Cash-on-Cash
-0.77%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93