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Passco Cos Secures $77.5M Refinancing For 297-Unit Ocean Walk Apartments In Key West

Property Image
FINANCED
$77,500,000
Caleb Marten
CN
William O. Passo

Florida

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MultiFamily
Financed 12/18/2023
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FINANCED

Passco Cos Secures $77.5M Refinancing For 297-Unit Ocean Walk Apartments In Key West

3900 Roosevelt Boulevard

See Similar Deals
MultiFamily
Financed 12/18/2023
Caleb Marten
CN
William O. Passo
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan

The 297-unit Ocean Walk Apartments in Key West, Florida has secured $77.5 million in refinancing. Passco Cos., led by William O Passo, acquired the property for $101.5 million from Mast Capital and Rockpoint Group. The 10-year Fannie Mae loan, arranged by KeyBank Real Estate Capital, includes a 7-year interest-only period.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $77,500,000
  • Units: 297
  • Acres: 97
  • Address: 3900 Roosevelt Boulevard, Key West
  • Market: Key West

The deal was facilitated by Chris Neil and Caleb Marten from KeyBank Real Estate Capital, representing Passco Cos. as brokers.

Players

Caleb Marten
KeyBank
Caleb Marten
2 deals$77.5M volume
BROKER
CN
KeyBank
Chris Neil
1 deal$77.5M volume
BROKER
KeyBank
KeyBank
LENDER
William O. Passo
William O. Passo
5 deals$368.4M volume
LANDLORD

Details

FINANCED
IMAGE: Caleb Marten & William O Passo DATE: 12/18/2023 ADDRESS: 3900 Roosevelt Boulevard MARKET: Key West ASSET TYPE: Multifamily ~ UNITS: 297 ~ ACRES: 97 LANDLORD: Passco Cos (@PasscoCompanies) - William O Passo BROKERS: Chris Neil & Caleb Marten - KeyBank Real Estate Capital (@Keybank) LOAN AMOUNT: $77,500,000 LOAN TYPE: Refinance LOAN TERMS: 10-year loan, which pays only interest for seven years and amortizes over a 30-year schedule NOTE: Passco Cos. has secured $77.5 million in refinancing for the 297-unit Ocean Walk Apartments in Key West, Florida. The 10-year Fannie Mae loan, arranged by KeyBank Real Estate Capital, includes a 7-year interest-only period, and Passco acquired the property for $101.5 million from Mast Capital and Rockpoint Group.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$77,500,000.00

Monthly NOI$516,666.67
Monthly Debt Service$489,852.72
Change in Cash Flow$0.00
Refinance Proceeds$0.00