Updated Oct 28, 2024
Midtown Capital Partners Acquires Multifamily Property In Palm Bay, FL For $30.5M Loan
4952 Dixie Hwy NE, Palm Bay, FL
$30,510,000
$195/SF
Building Size
156,120 SF
Asset Type
MultiFamily
Closing
Oct 18, 2022
About this deal
AI
The multifamily property located at 4952 Dixie Hwy NE in Palm Bay, FL has been involved in a recent transaction. The property consists of 300 units with a total square footage of 156,120. The transaction involves a construction loan with a loan amount of $30,510,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $30,510,000
- Address: 4952 Dixie Hwy NE, Palm Bay, FL
- Market: Palm Bay, FL
- Units: 300
- Square Footage: 156,120
The lenders for this transaction are Bank OZK and Forum Capital Advisors. The landlords involved are Midtown Capital Partners and Prospect Real Estate Development Group. The brokers representing the deal are Jordan Roeschlaub, Dustin Stolly, Nick Scribani, and Danny Matz from Newmark.
Players
Palm Bay 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
0.52%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93