Updated Dec 12, 2024
BWE Secures $33 Million Loan For Beacon Place Northport Multifamily In Alabama
14110 Paul Howell Road
$33,000,000
Units
90
Asset Type
MultiFamily
Closing
Dec 11, 2024
About this deal
AI
The asset involved in this transaction is Beacon Place Northport, a multi-family property consisting of 90 units located at 14110 Paul Howell Road in Northport, Alabama. The transaction entails a loan amount of $33,000,000 under a pre-stabilized bridge loan arrangement designed to provide financing for lease-up activities.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $33,000,000
- Loan Terms: 24-month, non-recourse bridge loan with an optional 12-month extension and a 30-year amortization
- Market: Northport, AL
- Broker: Paul Harbor - Bellwether Enterprise (BWE)
The transaction was facilitated by Paul Harbor from Bellwether Enterprise, who played a role in securing the refinancing deal. BWE utilized its proprietary bridge loan product to assist the borrower with cost-efficient financing options for the property.
Northport MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.48%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93