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Sportsman Circle Northeast

Samy Cohen, Alberto Dichi, Alan Benenson, Bryan Cohen, Jonathan Cohen Landlords Secure $19.2M Construction Loan For 120 Unit Multifamily In Palm Bay
FINANCEDMultiFamily

Samy Cohen, Alberto Dichi, Alan Benenson, Bryan Cohen, Jonathan Cohen Landlords Secure $19.2M Construction Loan For 120 Unit Multifamily In Palm Bay

Sportsman Circle Northeast

$19,200,000

$209/SF

Building Size

91,623 SF

Asset Type

MultiFamily

Closing

Feb 12, 2025

AI

The property asset involved is a multifamily development located at 1469-1499 Sportsman Lane Northeast in the Palm Bay market. This property comprises 120 units spread over a total area of 91,623 square feet. The transaction was secured through a construction loan amounting to $19,200,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $19,200,000
  • Address: 1469-1499 Sportsman Lane Northeast
  • Market: Palm Bay
  • Total Units: 120
  • Square Footage: 91,623
  • Landlords: Samy Cohen, Alberto Dichi, Alan Benenson, Bryan Cohen, Jonathan Cohen
  • Brokers: Max La Cava, Pier Barinci, Abbie Kushner - JLL
  • Loan Type: Construction

The deal features key individuals such as the landlords, Samy Cohen, Alberto Dichi, Alan Benenson, Bryan Cohen, and Jonathan Cohen, who are all involved in this transaction. The brokers representing the deal are Max La Cava, Pier Barinci, and Abbie Kushner from JLL, playing a critical role in facilitating this construction loan.

Players

Max La Cava

JLL

Broker

$1.5B

vol

44 deals

Broker

Bryan Cohen

Landlord

$25.1M

vol

2 deals

Landlord

Palm Bay 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

0.83%

Cash-on-Cash

-0.24%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93