MG Developer Acquires Multifamily Property In Coral Gables For $11M
FINANCED
$11,000,000
Florida
See Similar DealsMultiFamily111,026 SF
Financed 05/09/2022
FINANCED
MG Developer Acquires Multifamily Property In Coral Gables For $11M
535 Santander Avenue, Coral Gables, Florida 33134, United States
See Similar DealsMultiFamily111,026 SF
Financed 05/09/2022
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$99
Total Square Footage:111,026 SF
Transaction Type:Loan
535 Santander Avenue, located in Coral Gables, was recently involved in a closed property transaction. This multifamily property spans approximately 111,026 square feet and consists of 48 units. The transaction took place on May 9, 2022.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $11,000,000
- Loan Terms: 12-month loan, with full-term interest only
The lender, Knighthead Funding, LLC, represented by Brian Sullivan, provided a loan of $11,000,000 for this transaction. The loan has a term of 12 months, with full-term interest only. MG Developer, represented by Alirio Torrealba, acted as the landlord in this deal.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$11,000,000.00
Monthly NOI$73,333.33
Monthly Debt Service$69,527.48
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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