Legacy Residential Group Acquires Multifamily Property In Miami With $50M Construction Loan
FINANCED
$50,000,000
Florida
See Similar DealsMultiFamily
Financed 06/13/2022
FINANCED
Legacy Residential Group Acquires Multifamily Property In Miami With $50M Construction Loan
3645 Northwest 36th Street, Miami, Florida 33142, United States
See Similar DealsMultiFamily
Financed 06/13/2022
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan
The multifamily property located at 3645 NW 36th St in Miami has recently undergone a closed transaction. The property spans over 3.6 acres and consists of 266 units. It is owned by Legacy Residential Group, represented by Tomas Cabrerizo. The property was secured through a construction loan provided by SouthState Bank, amounting to $50,000,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $50,000,000
- Address: 3645 NW 36th St, Miami
- Units: 266
- Acreage: 3.6
- Lender: SouthState Bank
- Landlord: Legacy Residential Group - Tomas Cabrerizo
Tomas Cabrerizo, representing Legacy Residential Group, oversaw the deal as the landlord's representative. The construction loan provided by SouthState Bank allowed for the acquisition and development of this multifamily property in Miami.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$50,000,000.00
Monthly NOI$333,333.33
Monthly Debt Service$316,034.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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