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Berkshire Residential Investments Acquires Multifamily Property In Jupiter For $135M Loan

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FINANCED
$135,000,000
Oriana Montani
Eric Steiglitz
+ 3

Florida

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MultiFamily
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FINANCED

Berkshire Residential Investments Acquires Multifamily Property In Jupiter For $135M Loan

803 Promenade Way

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MultiFamily
Oriana Montani
Eric Steiglitz
+ 3
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Summary

FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan

The property asset involved in this transaction is a multifamily complex located at 803 Promenade Way & 803 University Boulevard, comprising a total of 390 units in the Jupiter market. The acquisition loan for this asset was finalized at a loan amount of $135,000,000.

Summary of transaction details:

This transaction involved key individuals and companies, including lender representatives Mark Osher, Eric Steiglitz, and Zak Baron from Gibson, Dunn & Crutcher, as well as Matt Williams and James Maynard from Newmark. On the landlord's side, the representatives were Cara Nelson and Oriana Montani from DLA Piper, coordinating the acquisition process for Berkshire Residential Investments.

Players

Mark Osher
3 deals$515.5M volume
BROKER

James Maynard
Newmark
10 deals$999.4M volume
BROKER

Oriana Montani
DLA Piper
2 deals$337.5M volume
BROKER

Cara Nelson
DLA Piper
2 deals$337.5M volume
BROKER

Eric Steiglitz
Gibson, Dunn & Crutcher
2 deals$337.5M volume
BROKER

Zak Baron
Gibson, Dunn & Crutcher
2 deals$337.5M volume
BROKER

Berkshire Residential Investments
LENDER

Details

FINANCED
IMAGE: Russell Frahm DATE: 05/16/2022 ADDRESS: 803 Promenade Way & 803 University Boulevard MARKET: Jupiter ASSET TYPE: Multifamily ~ UNITS: 390 LENDER: Mesa West Capital - Russell Frahm LANDLORD: Berkshire Residential Investments (@BerkshireResI) LENDER'S REP: Mark Osher, Eric Steiglitz & Zak Baron - Gibson, Dunn & Crutcher (@GibsonDunnAndCrutcher); Matt Williams & James Maynard - Newmark (@Newmark) LANDLORD'S REP: Cara Nelson & Oriana Montani - DLA Piper (@DLAPiper) LOAN AMOUNT: $135,000,000 LOAN TYPE: Acquisition Loan

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$135,000,000.00

Monthly NOI$900,000.00
Monthly Debt Service$853,291.83
Change in Cash Flow$0.00
Refinance Proceeds$0.00