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3450 Northwest 85th Court, ...

Lincoln Property Co. Secures $102.9M Construction Loan For Doral Multifamily
FINANCEDMultiFamily

Lincoln Property Co. Secures $102.9M Construction Loan For Doral Multifamily

3450 Northwest 85th Court, Doral, Florida 33122, United States

$102,950,000

Building Size

Asset Type

MultiFamily

Closing

Oct 24, 2022

AI

The property involved in this transaction is a multifamily asset located at 3450 NW 85th Court in Doral. It spans across 3.38 acres and consists of 391 units.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $102,950,000
  • Address: 3450 NW 85th Court, Doral
  • Market: Doral
  • Units: 391
  • Acres: 3.38

In this transaction, the lender of the construction loan was Santander Bank, represented by Tim Wennes. The landlord of the property is Lincoln Property Co., with Tim Byrne as their representative.

Players

Lincoln Property Company
Lincoln Property CompanyBrokerage
Santander Bank
Santander BankLender

Tim Byrne

Lincoln Property Company

Landlord

$499.7M

vol

4 deals

Landlord

Doral 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

0.15%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93