Updated Oct 29, 2024
Churchill Real Estate Provides $1.26M Loan For Joya Property Group's Surfside Multifamily Acquisition
300 Surfside Blvd, Surfside, FL, USA
$1,256,250
$203/SF
Building Size
6,173 SF
Asset Type
MultiFamily
Closing
Apr 7, 2021
About this deal
AI
The property involved in the transaction is a multifamily asset located at 300 Surfside Blvd in Surfside. The acquisition was financed by a loan from Churchill Real Estate. The loan amount for the transaction was $1,256,250.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,256,250
- Address: 300 Surfside Blvd
- Market: Surfside
The landlords involved in the transaction are Lee Cohen and Arash Gohari from Joya Property Group. Max Ralby from HKS Real Estate Advisors represented the buyers as the broker. The deal marks the first closed transaction for the newly formed partnership within the $10 million credit facility arranged by HKS for Joya Property Group's single-family-residential fix and flip strategy in the Greater Miami Market.
Joya Property Group plans to convert the multifamily asset at 300 Surfside into a luxury single-family home. This deal presents an opportunity for similar acquisition and value-add projects, and interested parties can reach out to Joya Property Group for further details.
Players
Surfside 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
12.63%
Cash-on-Cash
-3.61%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93