Updated Oct 28, 2024
MG Developer Acquires Multifamily Property In Coral Gables For $11M
535 Santander Avenue, Coral Gables, Florida 33134, United States
$11,000,000
$99/SF
Building Size
111,026 SF
Asset Type
MultiFamily
Closing
May 8, 2022
About this deal
AI
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.
Players
Coral Gables 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
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93