Midtown Capital Partners Acquires Multifamily Property In Flagler Village, Fort Lauderdale For $64.5M
FINANCED
$64,500,000
+ 3
Florida
See Similar DealsMultiFamily190,000 SF
Financed 07/22/2022
FINANCED
Midtown Capital Partners Acquires Multifamily Property In Flagler Village, Fort Lauderdale For $64.5M
600 Northeast 3rd Avenue
See Similar DealsMultiFamily190,000 SF
Financed 07/22/2022
+ 3
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$339
Total Square Footage:190,000 SF
Transaction Type:Loan
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
LENDER
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$64,500,000.00
Monthly NOI$430,000.00
Monthly Debt Service$407,683.88
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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