Steve Ross's Related Companies Acquires Federation Plaza Senior Housing For $29.7M
2081 Taft Street
$29,700,000
Units
123
Asset Type
Senior Housing
Closing
Oct 6, 2023
AI
The Federation Plaza senior independent living building in Hollywood, Florida, has been sold to Related Companies for $29.7 million. The property, situated at 2081 Taft Street, spans across 3 acres. This acquisition by Related Companies is in line with their dedication to affordable housing in South Florida. The affordability status of the building will be maintained, thanks to Section 8 and Low-Income Housing Tax Credit protections in place.
Summary of transaction details:
- Property Type: Senior Housing
- Transaction Amount: $29,700,000
- Address: 2081 Taft Street, Hollywood
- Market: Hollywood
- Acres: 3
Related Companies, led by Steve Ross, purchased the Federation Plaza senior independent living building. The seller, Foundation for Affordable Housing, agreed to the transaction. Wells Fargo served as the lender for this deal. The building comprises 123 units, with a purchase price per unit of $241,463.
Players
Hollywood Senior Housing Market Snapshot
Boundary boundary · Senior Housing · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93