Updated Oct 29, 2024
Seagate Development Facilitates $24.5M Sale Of Naples Property To Northwestern Memorial HealthCare
1100 9th St N Naples, Fl 34102, Usa
$24,500,000
Building Size
—
Asset Type
MultiFamily
Closing
Mar 28, 2023
About this deal
AI
Northwestern Memorial HealthCare has acquired a 3.5-acre multifamily property in Naples for $24.5 million. The property, located at 1100 9th Street North, was previously owned by Seagate Development, who purchased it for $17.5 million just a day before the sale.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $24,500,000
- Address: 1100 9th Street North
- Market: Naples
- Acres: 3.5
Seagate Development, led by CEO Matthew C. Price, played a role in facilitating the sale of the property. PPN Naples Hotel LLC served as the buyer, while Seagate Development represented the seller.
Players
Miami MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93