Updated Oct 29, 2024
Ready Capital Acquires Multifamily Portfolio In Tampa For $35.3M Loan
Tampa, FL, USA
$35,300,000
$120,477/SF
Building Size
293 SF
Asset Type
MultiFamily
Closing
Nov 29, 2021
About this deal
AI
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.
Players
Tampa 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
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93