Updated Oct 29, 2024
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
$82,000,000
$5,702/SF
Building Size
14,032 SF
Asset Type
MultiFamily
Closing
Oct 26, 2020
About this deal
AI
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.
On the Map
$82,000,000
$5,702/SF
MultiFamily
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Players
Fort Lauderdale 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
0.19%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93