Terra Equity Group Secures $70M Loan For Multifamily Properties In Orlando & Pine Hills
FINANCED
$70,000,000
Florida
See Similar DealsMultiFamily512,964 SF
Financed 06/06/2022
FINANCED
Terra Equity Group Secures $70M Loan For Multifamily Properties In Orlando & Pine Hills
3024 Powers Drive, Pine Hills, Florida 32818, United States
See Similar DealsMultiFamily512,964 SF
Financed 06/06/2022
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$136
Total Square Footage:512,964 SF
Transaction Type:Loan
The multifamily properties located at 3024 N Powers Drive and 4793 N Pine Hills Road in Orlando and Pine Hills have been involved in a recent closed transaction. The combined square footage of these properties is 512,964, and they comprise a total of 536 units. The transaction took place on 06/06/2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $70,000,000
- Loan Type: Acquisition
- Loan Terms: 67% LTC, 3-year term, full term interest-only, SOFR+ 2.10%
The lender for this transaction was keybank-''>KeyBank Real Estate Capital, represented by Alan Isenstadt and Jack Hoffman. The loan provided amounted to $70,000,000 and was used for the acquisition of the properties. The loan terms offered a loan-to-cost ratio of 67%, with a 3-year term and full term interest-only payments. The interest rate was based on SOFR+ 2.10%.
The landlord involved in this transaction is Terra Equity Group, represented by Vino Kulhari and Eleana Morozenko. For more information about Terra Equity Group, please visit their website at terraequitygroup.com.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$70,000,000.00
Monthly NOI$466,666.67
Monthly Debt Service$442,447.62
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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