Updated Oct 28, 2024
Argentic Provides $29.7M Acquisition Loan For Melbourne Multifamily Property
3151 South Babcock Street, Melbourne, Florida 32901, United States
$29,725,000
$168/SF
Building Size
176,172 SF
Asset Type
MultiFamily
Closing
Jan 23, 2022
About this deal
AI
The closed property transaction in Melbourne involved a multifamily asset located at 3151 S. Babcock Street. The property spans a total square footage of 176,172 and comprises 212 units. The transaction took place on January 20, 2022.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $29,725,000
- Address: 3151 S. Babcock Street
- Market: Melbourne
- Square Footage: 176,172
- Number of Units: 212
The loan for this transaction was provided by Argentic. The landlords involved in the deal are Jeff Corkhill and Avi Abadie of Cove Investment Group. The brokers representing the transaction include Dustin Stolly, Jordan Roeschlaub, Daniel Fromm, and Daniel Matz from Newmark.
The loan amount for this acquisition was $29,725,000.
Players
Melbourne 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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93