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2081 Taft Street

Steve Ross's Related Companies Acquires Federation Plaza Senior Housing For $29.7M
SOLDSenior Housing

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

Related Companies
Related CompaniesBuyer
Wells Fargo
Wells FargoLender

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