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Pru Loans Jacksonville Apartments $15M at 6.6% Interest

ORLANDO-The six-year-old, 22-building, 280-unit Sail Cove Apartments on Gate Parkway North is 97% occupied. The five-year, fixed-rate mortgage has a 64% loan-to-value ratio.

By Alex Finkelstein | Updated on August 19, 2002

ORLANDO-With a 97% occupancy rate covering 22 buildings totaling 280 units, the six-year-old Sail Cove Apartments on Gate Parkway North in Jacksonville, FL had no problem getting a $15.25 million permanent mortgage at a fixed 6.6% interest rate.

Prudential Mortgage Capital Co. is funding the five-year loan which has a 64% loan-to-value ratio. Sail Cove Ltd. is the borrower.

Monthly rents for one bedroom, 929 sf, are $790 to $890; two bedroom, 1,296 sf, $970 to $1,070; two bedroom, 1,390 sf, $980 to $1,080; and three bedroom, 1,605 sf, $1,175 to $1,275.

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