Updated Dec 4, 2024
Fannie Mae Provides $76.8 Million Refinance Loan For 324-Unit The Mav Channelside In Tampa
601 North 12th Street
$76,800,000
Units
324
Asset Type
MultiFamily
Closing
Jul 25, 2024
About this deal
AI
The Mav Channelside is a multifamily property located at 601 North 12th Street in Tampa, comprising 324 units. The property was built in 2022 and currently has an occupancy rate of 90%. A refinance loan amount of $76,800,000 was secured to support this apartment community.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $76,800,000
- Lender: Fannie Mae
- Loan Type: Refinance
- Loan Terms: five-year, fixed-rate loan
- Landlord: Pat Henry - Daniel Corp.
- Broker Representatives: Alan Tapie, Brad Walker, Thomas Wiedeman & Hanley Long - Bellwether Enterprise (BWE)
BWE arranged the $76.8 million loan utilizing Fannie Mae’s Near-Stabilization Execution for a joint venture led by Daniel Corp. This strategic financial arrangement reflects the ongoing investment activities in the Tampa market.
Players
Tampa 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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93