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Ready Capital Acquires Multifamily Portfolio In Tampa For $35.3M Loan

Property Image
FINANCED
$35,300,000

Florida

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MultiFamily293 SF
Financed 11/29/2021
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Property Image
FINANCED

Ready Capital Acquires Multifamily Portfolio In Tampa For $35.3M Loan

Tampa, FL, USA

See Similar Deals
MultiFamily293 SF
Financed 11/29/2021
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$120,477
Total Square Footage:293 SF
Transaction Type:Loan

A multifamily portfolio in Tampa has recently been involved in a closed transaction. The portfolio consists of 293 units and was acquired by Ready Capital, represented by David A. Cohen. The transaction took place on 11/29/2021.

Summary of transation details:

  • Property Type: Multifamily
  • Transaction Amount: $35,300,000
  • Market: Tampa
  • Loan Type: Acquisition, Renovation & Stabilization
  • Loan Terms: non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, and flexible prepayment

The loan for this multifamily portfolio was provided in the amount of $35,300,000. It was a non-recourse loan with interest-only payments and a floating rate. The loan features a term of 36 months, with two extension options and flexible prepayment terms. The borrower, Ready Capital, was represented by David A. Cohen.

Details

FINANCED
IMAGE: David A. Cohen DATE: 11/29/2021 ADDRESS: Multifamily Portfolio MARKET: Tampa ASSET TYPE: Multifamily ~ UNITS: 293 LANDLORD: Ready Capital - David A. Cohen LOAN AMOUNT: $35,300,000 LOAN TYPE: Acquisition, Renovation & Stabilization LOAN TERMS: non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$35,300,000.00

Monthly NOI$235,333.33
Monthly Debt Service$223,120.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00