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Highland Realty Capital Provides $3.6M Acquisition Loan For West Palm Beach Multifamily

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FINANCED
$3,600,000
Leland Ortega
Jeffrey Eliason

Florida

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MultiFamily9,792 SF
Financed
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Property Image
FINANCED

Highland Realty Capital Provides $3.6M Acquisition Loan For West Palm Beach Multifamily

418 Kanuga Drive, West Palm Beach, Florida 33401, United States

See Similar Deals
MultiFamily9,792 SF
Financed
Leland Ortega
Jeffrey Eliason
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$367
Total Square Footage:9792 SF
Transaction Type:Loan

A multifamily property located at 418 Kanuga Dr in West Palm Beach has been involved in a recent closed transaction. The property consists of 16 units and spans a total of 9,792 square feet.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $3,600,000
  • Address: 418 Kanuga Dr
  • Market: West Palm Beach
  • Number of Units: 16
  • Total Square Footage: 9,792

The loan for this transaction was provided by Highland Realty Capital. The brokers involved in the deal were Leland Ortega and Jeffrey K. Eliason from Highland Realty Capital. The loan, totaling $3,600,000, was classified as an Acquisition Loan with the terms stating that it is an Acquisition Rehab Bridge Loan. The loan was sized to 130% of the Purchase Price and 90% of the Project Cost.

Players

Jeffrey Eliason
Highland Realty Capital
Jeffrey Eliason
10 deals$404.3M volume
BROKER
Leland Ortega
Highland Realty Capital
Leland Ortega
10 deals$347.3M volume
BROKER
Highland Realty Capital
Highland Realty Capital
LENDER

Details

FINANCED
IMAGE: Leland Ortega & Jeffrey K. Eliason DATE: 04/01/2022 ADDRESS: 418 Kanuga Dr MARKET: West Palm Beach ASSET TYPE: Multifamily ~ UNITS: 16 ~ SF: 9,792 LENDER: Highland Realty Capital BROKERS: Leland Ortega & Jeffrey K. Eliason - Highland Realty Capital LOAN AMOUNT: $3,600,000 LOAN TYPE: Acquisition Loan LOAN TERMS: Acquisition Rehab Bridge Loan, Loan sized to 130% of Purchase Price and 90% of Project Cost.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$3,600,000.00

Monthly NOI$24,000.00
Monthly Debt Service$22,754.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00