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Related Group Provides $93M...

Updated Dec 4, 2024

Related Group Provides $93M Construction Loan For Multifamily Property In Naples
FINANCEDMultiFamily

Related Group Provides $93M Construction Loan For Multifamily Property In Naples

$93,000,000

$210/SF

Building Size

442,403 SF

Asset Type

MultiFamily

Closing

Mar 8, 2024

About this deal

AI

The multifamily property in Naples, FL encompassed 303 units within 442,403 square feet. The asset was part of a transaction involving a $93,000,000 construction loan facilitated by Related Group. The Latigo Group served as the landlord, with JLL's Bercut Smith acting as the broker.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $93,000,000
  • Units: 303
  • Square Footage: 442,403
  • Market: Naples, FL
  • Lender: Related Group
  • Landlord: The Latigo Group
  • Broker: Bercut Smith - JLL
  • Loan Type: Construction Loan

The collaboration for this transaction involved key individuals including Bercut Smith from JLL, representing the parties in the deal, demonstrating a strategic alignment between the various entities. The involvement of Related Group in financing and The Latigo Group as the property owner further highlights the significance of this construction loan deal in the multifamily market of Naples, FL.

Players

Bercut Smith

JLL

Broker

$1.3B

vol

9 deals

Broker
Related Group
Related GroupLender
Bilt advertisement

Market MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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About $210 per square foot on a published $93M for 442,403 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.17%

Cash-on-Cash

-0.05%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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