Synovus Financial Corp. Provides $37.4M Acquisition Loan For Office Property In Plantation, FL
261 North University Drive
$37,375,000
$215/SF
Building Size
173,193 SF
Asset Type
Office
Closing
Oct 19, 2021
About this deal
AI
The office property located at 261 N. University Drive in Plantation, FL has been involved in a recent transaction. The property spans an impressive 173,193 square feet and is categorized as an office asset. The transaction took place on 10/19/2021.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $37,375,000
- Address: 261 N. University Drive, Plantation, FL
- Market: Plantation, FL
- Lender: Synovus Financial Corp.
- Landlord: Fred Arena - Vision Properties
- Brokers: Brad Domenico & Eddie Miro - Progress Capital
- Loan Type: Acquisition
- Loan Terms: 10-Year Fixed, Non-Recourse
The deal was facilitated by Brad Domenico and Eddie Miro of Progress Capital, who represented the buyers and sellers respectively. Synovus Financial Corp. provided the loan amount of $37,375,000. The landlord in this transaction is Fred Arena of Vision Properties.
On the Map
$37,375,000
$215/SF
Office
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Players
Plantation Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93