Russell Nova Secures $11.5M Refinance Loan For Multifamily Property In Jacksonville, FL

The 92-unit multifamily property located at 2493 Spring Park Road in Jacksonville, FL has recently undergone a transformative renovation. Previously, the asset was 70% occupied with rents below $800 per unit when the current ownership group purchased it in December 2021. Today, the property is over 94% occupied and fully renovated, including both exterior and interior upgrades. Additional amenities now include a club room, soccer field, grill area, and washer and dryer in each unit. Congrats to the ownership group for the successful transformation of this asset!

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $11,456,000
• Square Footage: 75,592
• Units: 92
• Landlord: Russell Nova
• Broker: Igor Zakh - Cornerstone Capital Financing
• Loan Type: Refinance
• Loan Terms: 5 Year Fixed, 5 Year Interest Only, 30 Year Amortization, 75 LTV

Cornerstone Capital Financing, represented by broker Igor Zakh, played a key role in securing financing on behalf of the ownership group. The fully stabilized asset was refinanced with a loan amount of $11,456,000. The loan terms include a 5-year fixed period, followed by 5 years of interest-only payments, and a 30-year amortization schedule. The loan-to-value (LTV) ratio is 75%.

The Cornerstone Group - Capital Markets, of which Igor Zakh is the COO, specializes in financial services for real estate transactions. They can be contacted via email at [email protected] or by phone at 917-567-1646. More information about their services can be found on their website: www.CSG-NY.com.