The 10-year loan carries a 6.6% interest rate amortized over 30 years and has a loan-to-value ratio of 74.15% and a debt service coverage of 1.37%. Occupancy has been averaging 98%.
"Key West is a very unique area because these units are always occupied," Union Capital president Collins Powell tells Globest.com.
"It's a class B property but getting higher rents than class A properties because there's no more land for development on Key West."
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