Updated Jan 28, 2025
Bob Hernandez Of NorthMarq Secures $43.9 Million Loan For Gibsonia Gardens In Lakeland
6508 Us Highway 98 North
$43,900,000
Units
276
Asset Type
MultiFamily
Closing
Jan 20, 2025
About this deal
AI
The Gibsonia Gardens apartment community is a multifamily asset comprising 276 units located at 6508 Us Highway 98 North in Lakeland. The community is currently under construction with completion anticipated in 2026. Bob Hernandez, representing NorthMarq, facilitated a substantial construction loan valued at $43.9 million for this project.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $43,900,000
- Loan Type: Construction
- Loan Terms: three-year
- Market: Lakeland
- Broker: Bob Hernandez - NorthMarq
- Units: 276
Bob Hernandez arranged the construction loan on behalf of a repeat client through a correspondent lender, highlighting the continued partnership in funding this significant development project.
Players
Lakeland 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
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93