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The Dinerstein Companies And PCCP Secure $85.1M Loan For Atlas Mesa Multifamily Development In Mesa, AZ
FINANCED
$85,100,000
Arizona
See Similar DealsDevelopment Site
Financed 12/11/2023
FINANCED
The Dinerstein Companies And PCCP Secure $85.1M Loan For Atlas Mesa Multifamily Development In Mesa, AZ
Development Site
Financed 12/11/2023
Summary
Asset Type:Development Site
Transaction Type:Loan
The Dinerstein Companies and PCCP have secured $85.1 million in financing from Affinius Capital and Simmons Bank for the construction of Atlas Mesa, a 394-unit multifamily community in Mesa, Arizona. The development site is located at the intersection of East Baseline Road and South Sunview.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $85,100,000
- Units: 394
- Lender: Tom Burns - Affinius Capital & Simmons Bank
- Landlord: Brian Dinerstein - The Dinerstein Companies & Donald H. Kuemmeler - PCCP
- Loan Type: Construction
Brian Dinerstein from The Dinerstein Companies and Donald H. Kuemmeler from PCCP serve as the landlords for the project, while Tom Burns from Affinius Capital and Simmons Bank have provided the $85.1 million construction loan.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$85,100,000.00
Monthly NOI$567,333.33
Monthly Debt Service$537,889.89
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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