Updated Dec 4, 2024
Village Creek Development Secures $19.5M Construction Loan For Homewood, AL Mixed-Use Development
195 Oxmoor Road
$19,500,000
Building Size
—
Asset Type
Development Site
Closing
Oct 17, 2023
About this deal
AI
Village Creek Development has secured $19.5 million in construction financing for a mixed-use development located at 195 Oxmoor Road in Homewood, Alabama. The development site has a total building square footage (BSF) of 98,000. The loan has been provided by River Bank & Trust, with Luke Kennedy acting as the lender's representative.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $19,500,000
- Address: 195 Oxmoor Road, Homewood, AL
- Market: Homewood, AL
- BSF: 98,000
- Lender: River Bank & Trust
- Lender's Representative: Luke Kennedy
Tom Walker, the landlord of Village Creek Development, has successfully secured the construction loan for this mixed-use development project. The financing will support the construction of the project, which aims to combine residential and commercial spaces in Homewood, Alabama.
Players
Birmingham Development Site Market Snapshot
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.81%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93