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Cornerstone Capital Financing Secures $33 Million Refinance For 200 Unit Multifamily In Altamonte Springs

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FINANCED
$33,000,000
Igor Zakh
Russell Nova

Florida

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MultiFamily154,000 SF
Financed 10/30/2024
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FINANCED

Cornerstone Capital Financing Secures $33 Million Refinance For 200 Unit Multifamily In Altamonte Springs

360 Wymore Rd

See Similar Deals
MultiFamily154,000 SF
Financed 10/30/2024
Igor Zakh
Russell Nova
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$214
Total Square Footage:154,000 SF
Transaction Type:Loan

This transaction involves a multifamily asset located at 360 Wymore Road in Altamonte Springs, Florida. The property consists of 200 units and has a total square footage of 154,000. The loan amount secured for this refinance transaction is $33,000,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $33,000,000
  • Address: 360 Wymore Road
  • Market: Altamonte Springs
  • Units: 200
  • Square Footage: 154,000
  • Loan Type: Refinance
  • Loan Terms: 5 Year Fixed, Full Term Interest Only

The financing was secured by Russell Nova and Igor Zakh from Cornerstone Capital Financing. Igor Zakh serves as the Operating Officer, while Russell Nova is involved in Business Development. They coordinated the financing process amidst challenges in the market, including rising interest rates and increased costs for taxes and insurance in the Florida region. Their dedicated team of analysts, underwriters, and loan coordinators played a crucial role in executing the business plan requested.

Players

Russell Nova
Cornerstone Capital Financing
Russell Nova
76 deals$491.1M volume
BROKER
Igor Zakh
Cornerstone Capital Financing
Igor Zakh
46 deals$287.8M volume
BROKER

Details

FINANCED
IMAGE: Igor Zakh & Russell Nova DATE: 10/30/2024 ADDRESS: 360 Wymore Road MARKET: Altamonte Springs ASSET TYPE: Multifamily ~ UNITS: 200 ~ SF: 154,000 BROKERS: Russell Nova (@RussellNova) & Igor Zakh (@Igor_Zakh) - Cornerstone Capital Financing (@CornerstoneCapitalofNY) LOAN AMOUNT: $33,000,000 LOAN TYPE: Refinance LOAN TERMS: 5 Year Fixed, Full Term Interest Only NOTE FROM BROKER: @CornerstoneCapitalofNY secured Financing on this 200 UNIT located in Altomonte springs FL. Financing was handled and arranged by Igor Zakh, Operating Officer and Russell Nova, Business Development along with our Internal Team. Lots of challenges were looming due to the uncertainty in the Market with the increasing rate environment and other uncontrolled expenses such as Taxes & Insurance in the Florida region. Having a dedicated Team who is experienced in Underwriting and overall understands Lender requirements is a MUST and the difference between getting to the or not. We have a dedicated of analysts, underwriters and loan coordinators all geared towards executing the business plan requested Contact US and yourself at the Igor Zakh, Operating Officer [email protected] 917-567-1646 - Cell Russell Nova, Business Development [email protected] 917-559-1820 - Cell

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$33,000,000.00

Monthly NOI$220,000.00
Monthly Debt Service$208,582.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00