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Bellwether Enterprise Provides $42.3 Million Refinance Loan For The Glenn Multifamily In Auburn
FINANCED
$42,300,000
Alabama
See Similar DealsMultiFamily
Financed 01/16/2025
FINANCED
Bellwether Enterprise Provides $42.3 Million Refinance Loan For The Glenn Multifamily In Auburn
2568 East Glenn Avenue
See Similar DealsMultiFamily
Financed 01/16/2025
Summary
ALABAMA
Asset Type:MultiFamily
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$42,300,000.00
Monthly NOI$282,000.00
Monthly Debt Service$267,364.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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