Updated Nov 27, 2024
Berkadia Provides $41.3M Recapitalization Loan For Multifamily Property In Daytona Beach
600 Jimmy Ann Drive, Daytona Beach, FL 32114, USA
$41,250,000
$44/SF
Building Size
938,461 SF
Asset Type
MultiFamily
Closing
Jul 29, 2020
About this deal
AI
The multifamily property located at 600 Jimmy Ann Dr in Daytona Beach has been involved in a recent transaction. The property spans across 22 acres and consists of 384 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $41,250,000
- Lender: berkadia''>Berkadia
- Landlord: Lloyd Jones Capital
- Brokers: Janet Crucet & Kristine Flook from Urbanize Properties
Janet Crucet and Kristine Flook from Urbanize Properties represented the buyer and seller in this recapitalization deal. The loan terms include a recapitalization of the property, with a loan amount of $41,250,000. The transaction involved a total of 22 acres and 384 units.
Players
Daytona Beach 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
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93