Updated Oct 29, 2024
K&J Residential Group Secures $43M Loan For Multifamily Property In Port St. Lucie
6600 Woods Island Circle, Port Saint Lucie, FL 34952, USA
$43,000,000
$108/SF
Building Size
395,000 SF
Asset Type
MultiFamily
Closing
Apr 20, 2021
About this deal
AI
The multifamily property located at 6600 Woods Island Circle in Port St. Lucie has recently undergone a significant transaction. The deal involved a loan from Greystone, represented by Reuben Dolny, and the landlord, K&J Residential Group, represented by Karl Davis.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $43,000,000
- Loan Terms: 35-year, fixed-rate and non-recourse loan
- Units: 396
Reuben Dolny from Greystone provided a loan amount of $43,000,000 to facilitate the transaction. The loan comes with favorable terms, including a 35-year duration and a fixed interest rate. Additionally, it is a non-recourse loan, mitigating the lender's risk.
Karl Davis, representing K&J Residential Group, acted as the landlord in the deal. The transaction involved the sale of the multifamily property, consisting of 396 units, in Port St. Lucie.
Players
Port Saint Lucie 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
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93