Updated Oct 28, 2024
Pax Properties LLC Secures $16.6M Loan For 168-Unit Multifamily In Tallahassee With Greystone Financing
2959 Apalachee Parkway, Tallahassee, Florida 32301, United States
$16,605,000
Units
168
Asset Type
MultiFamily
Closing
Apr 13, 2022
About this deal
AI
Pax Properties LLC, represented by Justin Ford, recently closed on a multifamily property located at 2959 Apalachee Parkway in Tallahassee. The property consists of 168 units and was financed by greystone''>Greystone, with Kyle Jemtrud serving as the lender's representative.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $16,605,000
- Address: 2959 Apalachee Parkway
- Market: Tallahassee
- Units: 168
The loan secured for this transaction has a 10-year term and a 30-year amortization period. It features a low, fixed interest rate and allows for six years of interest-only payments. This financing arrangement provides flexibility and favorable terms for Pax Properties LLC, allowing them to manage the property's cash flow effectively.
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
0.96%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93