Updated Oct 29, 2024
Berkadia Joint Venture Equity Sources $36M For Trellis At The Lakes Multifamily In St. Petersburg
11401 Doctor Martin Luther King Junior Street North, St. Petersburg, FL, USA
$36,000,000
$71/SF
Building Size
503,498 SF
Asset Type
MultiFamily
Closing
Nov 5, 2020
About this deal
AI
Located at 11401 Martin Luther King Jr. Street in St. Petersburg, the Trellis At The Lakes is a multifamily property that recently closed a joint venture equity deal. The deal took place on 11/06/2020, with the JV equity partner being a Life Insurance Company. The JV equity amount for this transaction was $36,000,000. The landlord of the property is Stoneweg US LLC.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $36,000,000
- Market: St. Petersburg
- JV Equity Partner: Life Insurance Company
- Landlord: Stoneweg US LLC
Berkadia's JV Equity & Structured Capital Group, represented by Chinmay Bhatt, Noam Franklin, and Cody Kirkpatrick, sourced the JV equity for this deal. Over the past 60 days, Berkadia's JV Equity & Structured Capital Group has successfully secured $384m of equity for various transactions.
Players
Saint Petersburg 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
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93