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.
On the Map
$42,300,000
MultiFamily
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Auburn MultiFamily Market Snapshot
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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