FINANCEDMultiFamily
Midtown Capital Partners Acquires Multifamily Property In Flagler Village, Fort Lauderdale For $64.5M
600 Northeast 3rd Avenue
$64,500,000
$339/SF
Building Size
190,000 SF
Asset Type
MultiFamily
Closing
Jul 22, 2022
AI
The multifamily property located at 600 NE 3rd Ave in Flagler Village, Fort Lauderdale has been involved in a recent loan transaction. The property comprises 252 units and spans approximately 190,000 square feet.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $64,500,000
- Lender: Forum Real Estate Group and OZK
- Landlord: Midtown Capital Partners - Zach Fox, Alejandro Velez, and Alex Saieh; Prospect Real Estate Group - Richard Zahn and Navish Chawla
- Brokers: Dustin Stolly, Jordan Roeschlaub, Danny Matz, Nick Scribani, Daniel Fromm, and Dan Morin - Newmark
The loan for this transaction was in the amount of $64,500,000 and falls under the category of construction loans.
Players
Forum Real Estate GroupLender
Bank OZKLender
Minneapolis 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
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93