Updated Dec 4, 2024
Lument Provides $41M Loan For Li'l Abner II Senior Housing Complex In Sweetwater, FL
400 Northwest 112th Avenue
$41,000,000
Units
244
Asset Type
Senior Housing
Closing
Dec 29, 2023
About this deal
AI
The Li'l Abner II senior housing complex in Sweetwater, Florida has secured $41 million in mortgage financing through a refinance loan provided by Lument. Developed by CREI Holdings, the 244-unit senior housing complex opened in April and has already received over 400 tenant applications. However, there are currently no available units listed for occupancy.
Summary of transaction details:
- Property Type: Senior Housing
- Transaction Amount: $41,000,000
- Address: 400 Northwest 112th Avenue, Sweetwater, Florida
- Market: Sweetwater
- Lender: Marc Suarez - Lument
- Landlord: Raul F. Rodriguez - CREI Holdings
Lument, the lending institution, provided $41 million in mortgage financing to support the Li'l Abner II senior housing complex. The landlord, Raul F. Rodriguez of CREI Holdings, successfully developed the 244-unit property in Sweetwater. Despite the high demand for the senior housing complex, with over 400 tenant applications, there are currently no available units listed for rent or sale.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.39%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93