Updated Oct 13, 2026
Core Development Inc. Acquires Multifamily Property For $22.5M Loan, Sarasota
500 North Tamiami Trail, Sarasota, FL, USA
$22,500,000
$5,769/SF
Building Size
3,900 SF
Asset Type
MultiFamily
Closing
Jan 20, 2021
About this deal
AI
Core Development Inc., represented by Kaven Daves, recently secured a loan amount of $22,500,000 for the acquisition of a multifamily property located at 500 N. Tamiami Trail in Sarasota. This property consists of 49 units and is situated in a prime location in the Sarasota market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $22,500,000
- Address: 500 N. Tamiami Trail
- Market: Sarasota
- Units: 49
The loan was facilitated by Knighthead Funding, with Jonathan Daniel serving as the lender's representative. Core Development Inc., led by Kaven Daves, acted as the landlord in this transaction. The successful loan acquisition ensures that Core Development Inc. has the necessary funds to pursue its objectives in the multifamily property market.
On the Map
$22,500,000
$5,769/SF
MultiFamily
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Osprey 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
0.71%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93