Varde Partners Provides $60.9M Construction Loan For El Portal Multifamily Property
FINANCED
$60,900,000
Florida
See Similar DealsMultiFamily100,000 SF
Financed 02/02/2024
FINANCED
Varde Partners Provides $60.9M Construction Loan For El Portal Multifamily Property
471 Northeast 83rd Street
See Similar DealsMultiFamily100,000 SF
Financed 02/02/2024
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$609
Total Square Footage:100,000 SF
Transaction Type:Loan
The property involved in this transaction is a multifamily building located at 471 Northeast 83rd Street in El Portal. The property consists of 282 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $60,900,000
- Lender: Varde Partners
- Landlord: Barrington Brothers – Ken & Arthur Barrington
- Brokers: Melissa Rose, Michael DiCosimo & Maddy McMillen - JLL
- Loan Type: Construction Loan
Varde Partners provided a construction loan of $60,900,000 for the acquisition and development of the multifamily property at 471 Northeast 83rd Street. The landlords of the property are the Barrington Brothers, Ken and Arthur Barrington. The brokers involved in the deal were Melissa Rose, Michael DiCosimo, and Maddy McMillen from JLL.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$60,900,000.00
Monthly NOI$406,000.00
Monthly Debt Service$384,929.43
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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