Updated Dec 4, 2024
Sheridan Capital Provides $16.75M Bridge Loan For Multifamily Property In Bay Harbor Islands
9200 E Bay Harbor Drive, 9270 E Bay Harbor Drive, 10150 East Bay Harbor Drive, 10190 East Bay Harbor Drive & 1075 101st St
$16,750,000
$47/SF
Building Size
66,625 SF
Asset Type
MultiFamily
Closing
Oct 5, 2023
About this deal
AI
The property involved in this transaction is a multifamily asset located at 9200, 9270, 10150 & 10190E Bay Harbor Drive and 1075 101st St in Bay Harbor Islands. It spans a total square footage of 66,625 and consists of 76 units. The property is situated in a desirable market, attracting potential investors and residents.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $16,750,000
- Lender: Sheridan Capital
- Loan Type: Bridge
Sheridan Capital acted as the lender in this transaction, providing a bridge loan for the property acquisition. The loan amount totaled $16,750,000, supporting the buyer's investment strategy. This financing arrangement allows for a temporary loan to facilitate the purchase while the buyer secures permanent financing or completes necessary improvements on the property.
Players
Bay Harbor Islands 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
0.95%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93