Updated Dec 4, 2024
Fifth Third Bank Provides $82.8 Million Construction Loan For MultiFamily Property In Coral Springs
3310 North University Drive
$82,300,000
$223/SF
Building Size
367,659 SF
Asset Type
MultiFamily
Closing
Sep 21, 2023
About this deal
AI
The property involved in this transaction is a multi-family asset located at 3310 North University Drive in Coral Springs. The property consists of 353 units with a total square footage of 367,659. The transaction took place on 09/21/2023.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $82,800,000
- Lender: Fifth Third Bank
- Landlord: Mill Creek Residential - Andrea Rowe
- Loan Type: Construction
Fifth Third Bank provided a construction loan of $82,800,000 for the multi-family property. The landlord involved in the transaction is Mill Creek Residential, represented by Andrea Rowe. The loan will facilitate the development and construction of the property, contributing to the growth of the Coral Springs market.
On the Map
$82,300,000
$223/SF
MultiFamily
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Market 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
0.19%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93