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477 SW 1st Ave Fort Lauderd...

Hanover Co. Secures $135.35M Construction Loan From Sumitomo Mitsui Trust Bank For Hanover Riverwalk
FINANCEDMultiFamily

Hanover Co. Secures $135.35M Construction Loan From Sumitomo Mitsui Trust Bank For Hanover Riverwalk

477 SW 1st Ave Fort Lauderdale, FL 33301, USA

$135,350,000

Building Size

Asset Type

MultiFamily

Closing

Jun 2, 2023

AI

Houston-based Hanover Co. has secured a construction loan of $135.35 million from Sumitomo Mitsui Trust Bank of Japan for Hanover Riverwalk, a multifamily property located at 477 Southwest First Avenue in Fort Lauderdale. The property spans 1.54 acres and consists of 380 units.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $135,350,000
  • Address: 477 Southwest First Avenue
  • Market: Fort Lauderdale
  • Units: 380
  • Acres: 1.54

The lender for this construction loan is Sumitomo Mitsui Trust Bank, while the landlord is Hanover Co., represented by Brandt Bowden.

Hanover Riverwalk will feature various amenities, including retail space, fitness centers, a swimming pool deck, coworking space, and a courtyard with a café.

Players

Sumitomo Mitsui Trust Bank
Sumitomo Mitsui Trust BankLender

Brandt Bowden

Hanover Co.

Landlord

$570.2M

vol

8 deals

Landlord

Miami 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

0.12%

Cash-on-Cash

-0.03%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93