Updated Oct 29, 2024
Harbor Group International Acquires 280-Unit Multifamily In West Palm Beach For $56.6M Loan
3590 Village Blvd West Palm Beach, FL 33409, USA
$56,551,000
$176/SF
Building Size
320,000 SF
Asset Type
MultiFamily
Closing
Jun 20, 2023
About this deal
AI
The multifamily property located at 3590 Village Boulevard in West Palm Beach has been involved in a recent transaction. The property is a 280-unit multifamily asset with a total square footage of 320,000. The transaction involved an acquisition loan provided by Fannie Mae.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $56,551,000
- Lender: Fannie Mae
- Landlord: Harbor Group International
- Brokers: Matthew "Matt" Mense, William (Bill) Weber, Henry Stimler, Ari Schwartzbard, Ricky Warner, and Dan Sarsfield - Newmark
The acquisition loan for the property amounted to $56,551,000. It is an 8-year term loan with a 7+1 structure due to the deal being in lease-up. The all-in rate for the loan is 5.11%, with the first 4 years being interest-only. An interesting aspect of this transaction is the quick turnaround time, with the application being processed and closed in just 33 days.
Players
Miami MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Ricky Warner to view all their deals.
Browse Miami multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93