Updated Sep 5, 2024
Republic Properties Corporation Secures $65 Million Construction Loan For 330-Unit Multifamily In Jacksonville
Jacksonville, Florida, United States
$65,000,000
Units
330
Asset Type
MultiFamily
Closing
Apr 17, 2023
About this deal
AI
A construction loan of $65,000,000 has been secured for a multifamily property in Jacksonville. The property consists of 330 units and is owned by Republic Properties Corporation.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $65,000,000
- Units: 330
The construction loan has a five-year term, with the first four years being interest-only. Afterward, there will be a 30-year amortization schedule.
The deal was facilitated by Northmarq, with brokers Chris Conklin, Errol Blumer, Ryan Saunders, Andrea Howard, Allan Lynch, Austin Jackson, Faron Thompson, Drew Markley, and Ryan Whitaker representing Republic Properties Corporation.
On the Map
$65,000,000
MultiFamily
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Players
Jacksonville 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
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93