Updated Oct 28, 2024
MAG Real Estate & Development Secures $61.5M Loan In Lake Worth And Pompano Beach Multifamily Deal
13611 South Dixie Highway, Miami, FL 33176, USA
$61,500,000
$371/SF
Building Size
165,528 SF
Asset Type
MultiFamily
Closing
Nov 5, 2021
About this deal
AI
A loan of $61,500,000 has been secured for the purchase of properties located at 307 N J Street in Lake Worth and 1621 S Dixie Highway in Pompano Beach. The properties consist of a multifamily building and a development site, covering a total of 3.8 acres. The loan was provided by Madison Realty Capital, with Josh Zegen representing the lender.
Summary of transaction details
- Property Types: Multifamily building and development site
- Loan Amount: $61,500,000
- Address: 307 N J Street, Lake Worth & 1621 S Dixie Highway, Pompano Beach
- Market: Lake Worth & Pompano Beach
- Asset Types: Multifamily & Development Site
- Acres: 3.8
The loan was secured by MAG Real Estate & Development, who will serve as the landlords for the properties. The brokers involved in the deal are AJ Felberbaum, Jay Miller, and Spencer Miller from BayBridge Real Estate Capital.
Players
Miami 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
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93