Updated Oct 28, 2024
Prospect Real Estate Group Secures $66M Construction Loan For Fort Lauderdale Multifamily Property
618 Northeast 3rd Avenue, Fort Lauderdale, Florida 33304, United States
$66,000,000
Units
252
Asset Type
MultiFamily
Closing
Jul 24, 2022
About this deal
AI
The 252-unit multifamily property located at 618 NE Third Avenue in Fort Lauderdale has been involved in a recent transaction. Spanning across 1.4 acres, this property has attracted attention from various parties in the real estate market.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $66,000,000
- Units: 252
- Acres: 1.4
Forum Capital Advisors, represented by Ross MacDonald, and Bank OZK provided a construction loan for this property. The loan amount of $66,000,000 will support the development of the multifamily asset.
Prospect Real Estate Group is the landlord of this property, indicating their involvement in the transaction as one of the key players. This deal showcases the collaboration between lenders and property owners in the real estate market.
Players
Fort Lauderdale 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
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93