Jake Geleerd & Kelly Brannen Acquire 264-unit Multifamily Property In West Palm Beach With $88.5M Construction Loan From Acore Capital
FINANCED
$88,500,000
Florida
See Similar DealsMultiFamily
Financed 07/06/2022
FINANCED
Jake Geleerd & Kelly Brannen Acquire 264-unit Multifamily Property In West Palm Beach With $88.5M Construction Loan From Acore Capital
740 North Dixie Highway, West Palm Beach, Florida 33401, United States
See Similar DealsMultiFamily
Financed 07/06/2022
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan
The multifamily property located at 740 & 840 North Dixie Highway in West Palm Beach has been involved in a recent transaction. Spanning over 2.5 acres, this property consists of 264 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $88,500,000
- Address: 740 & 840 North Dixie Highway
- Market: West Palm Beach
- Units: 264
- Acres: 2.5
Tortoise Properties, represented by Jake Geleerd & Kelly Brannen, served as the landlord in this deal. Acore Capital acted as the lender, providing a construction loan of $88,500,000.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$88,500,000.00
Monthly NOI$590,000.00
Monthly Debt Service$559,380.20
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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