Updated Oct 28, 2024
Wells Fargo Bank Provides $63M Loan For Multifamily Property In West Palm Beach
290 North Olive Avenue, West Palm Beach, Florida 33401, United States
$63,000,000
Units
251
Asset Type
MultiFamily
Closing
Jul 13, 2020
About this deal
AI
The multifamily property located at 290 North Olive Ave in West Palm Beach was involved in a closed transaction. The loan for this property was provided by Wells Fargo Bank, in a deal brokered by Dockerty Romer & Co. The loan amount was $63,000,000 and had a term of five years, with a floating coupon. The property consists of 251 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $63,000,000
- Address: 290 North Olive Ave
- Market: West Palm Beach
Bob Dockerty & Craig Romer of Dockerty Romer & Co represented the parties involved in this transaction as the brokers.
Players
West Palm Beach 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
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93