Updated Oct 28, 2024
PNC Bank Provides $99.5 Million Loan For Multifamily Property In Palm Beach Gardens
3801 Design Center Drive, Palm Beach Gardens, Florida 33410, United States
$99,500,000
Units
396
Asset Type
MultiFamily
Closing
Jul 12, 2022
About this deal
AI
The property involved in this closed transaction is a multifamily asset located at 3801 Design Center Drive in Palm Beach Gardens. This property consists of 396 units and spans across 3.61 acres of land. The transaction took place on July 13, 2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $99,500,000
- Address: 3801 Design Center Drive
- Market: Palm Beach Gardens
- Units: 396
- Acres: 3.61
The loan for this transaction was provided by PNC Bank, with William S. Demchak as the representative. The landlord of the property is Richman Group of Cos.
Please note that no additional information was available regarding this transaction.
Players
Palm Beach Gardens 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
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93