Updated Jan 21, 2025
Bellwether Enterprise Provides $42.3 Million Refinance Loan For The Glenn Multifamily In Auburn
2568 East Glenn Avenue
$42,300,000
Units
270
Asset Type
MultiFamily
Closing
Jan 16, 2025
About this deal
AI
The Glenn is a 270-unit apartment community located at 2568 East Glenn Avenue in Auburn, AL. The property is categorized as multifamily real estate and has undergone refinancing to address pre-opening construction debt.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $42,300,000
- Lender: Bellwether Enterprise (BWE)
- Loan Type: Refinance
- Brokers: Caleb Carter, Libby Davis & Paul Harbor - Bellwether Enterprise (BWE)
- Loan Date: 01/16/2025
The transaction involved Bellwether Enterprise providing a Fannie Mae loan to facilitate the refinancing. This arrangement allows the apartment community to settle its construction obligations as it moves towards full operational capacity.
Players
Auburn MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Browse Auburn multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93