Updated Oct 28, 2024
Synovus Bank Provides $30M Construction Loan For 170-Unit Multifamily Property In Davie, FL
5800 Reese Road, Davie, FL, USA
$30,000,000
Units
170
Asset Type
MultiFamily
Closing
Nov 16, 2021
About this deal
AI
The multifamily property located at 5800 Reese Road in Davie has undergone a closed transaction. Spanning over 4.05 acres, the property consists of 170 units. The deal involved a construction loan amounting to $30,000,000 provided by Synovus Bank. ArchCo Residential, represented by Neil Brown, served as the landlord for this transaction.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $30,000,000
- Address: 5800 Reese Road, Davie
- Market: Davie
- Units: 170
- Acres: 4.05
Neil Brown from ArchCo Residential played a significant role as the landlord in this transaction. Synovus Bank served as the lender, offering a construction loan for the property.
Players
Davie 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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93