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Rescore Property Corp Secures $82M Loan From Square Mile Capital Management For Fort Lauderdale Multifamily

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FINANCED
$82,000,000

Florida

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MultiFamily14,380 SF
Financed 10/27/2020
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Property Image
FINANCED

Rescore Property Corp Secures $82M Loan From Square Mile Capital Management For Fort Lauderdale Multifamily

405 Northeast 2nd Street, Fort Lauderdale, FL, USA & 405 Northeast 2nd Street, Fort Lauderdale, FL, USA

See Similar Deals
MultiFamily14,380 SF
Financed 10/27/2020
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$5,702
Total Square Footage:14,380 SF
Transaction Type:Loan

An $82 million loan has been secured for a multifamily property located at 405 NE 2nd Street in Fort Lauderdale. The property consists of 348 units and is owned by Rescore Property Corp.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $82,000,000
  • Address: 405 NE 2nd Street
  • Market: Fort Lauderdale
  • Units: 348
  • Lender: Square Mile Capital Management - Craig Solomon
  • Landlord: Rescore Property Corp
  • Brokers: Eric McGlynn, alkerdunlop
  • Loan Terms: The floating rate loan includes a four-year term, allowing time for the property’s lease-up

The loan was provided by Square Mile Capital Management, with Craig Solomon representing the lender. Eric McGlynn from alkerdunlop served as the broker in the deal.

Players

Eric McGlynn
Walker & Dunlop
Eric McGlynn
6 deals$547.4M volume
BROKER
Square Mile Capital
Square Mile Capital
LENDER
RC
Rescore Property Corp.
LANDLORD

Details

FINANCED
IMAGE: Craig Solomon DATE: 10/27/2020 ADDRESS: 405 NE 2nd Street MARKET: Fort Lauderdale ASSET TYPE: Multifamily UNITS: 348 LENDER: Square Mile Capital Management - Craig Solomon LANDLORD: Rescore Property Corp BROKERS: Eric McGlynn - @walkerdunlop LOAN AMOUNT: $82,000,000 LOAN TERMS: The floating rate loan includes a four-year term, allowing time for the property’s lease-up

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$82,000,000.00

Monthly NOI$546,666.67
Monthly Debt Service$518,295.78
Change in Cash Flow$0.00
Refinance Proceeds$0.00