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Fairwinds Credit Union Provides $7.4M Acquisition Loan For Retail Property In Tamarac

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FINANCED
$7,400,000
Robert Bhat
Kirk Olson
Drew Kristol
+ 1

Florida

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Retail80,224 SF
Financed 10/02/2023
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Property Image
FINANCED

Fairwinds Credit Union Provides $7.4M Acquisition Loan For Retail Property In Tamarac

6702 North University Drive

See Similar Deals
Retail80,224 SF
Financed 10/02/2023
Robert Bhat
Kirk Olson
Drew Kristol
+ 1
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Retail
Price Per Square Foot:$92
Total Square Footage:80,224 SF
Transaction Type:Loan

A retail property located at 6702 North University Drive in Tamarac has been involved in a recent loan transaction. The property spans approximately 80,224 square feet. The loan, valued at $7,400,000, was obtained for the purpose of acquisition. The loan terms include a 6.99% interest rate and a 25-year amortization schedule. Additional funding is available through an earnout arrangement.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $7,400,000
  • Address: 6702 North University Drive
  • Market: Tamarac
  • Square Footage: 80,224

The loan was provided by Fairwinds Credit Union. The landlord of the property is Elie Fouerti. The brokers involved in the transaction are Drew Kristol, Kirk Olson, and Robert Bhat from Marcus & Millichap. For the best loan rates, interested parties can contact [email protected].

Players

Drew Kristol
Marcus & Millichap
Drew Kristol
46 deals$560.5M volume(786) 522-7065
BROKER
Kirk Olson
Marcus & Millichap
Kirk Olson
46 deals$569.8M volume(786) 522-7064
BROKER
Robert Bhat
Marcus & Millichap
Robert Bhat
53 deals$728.1M volume(804) 229-4460
BROKER
Fairwinds Credit Union
Fairwinds Credit Union
LENDER
EF
Elie Fouerti
4 deals$176M volume
LANDLORD

Details

FINANCED
IMAGE: Drew Kristol, Robert Bhat & Kirk Olson DATE: 10/02/2023 ADDRESS: 6702 North University Drive MARKET: Tamarac ASSET TYPE: Retail ~ SF: 80,224 LENDER: Fairwinds Credit Union LANDLORD: Elie Fouerti BROKERS: Drew Kristol ((@Dakristol66), Kirk Olson & Robert Bhat (@_Bhat___) - Marcus & Millichap (@MarcusMillichapinc) LOAN AMOUNT: $7,400,000 LOAN TYPE: Acquisition LOAN TERMS: 6.99% Interest Rate, 25 Year Amo, Additional funding via Earnout NOTE FROM BROKERS: Please email [email protected] for the best rates

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$7,400,000.00

Monthly NOI$49,333.33
Monthly Debt Service$46,773.03
Change in Cash Flow$0.00
Refinance Proceeds$0.00