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Arbor Realty Trust Provides $42M Construction Loan For Glendale Multifamily
FINANCED
$42,000,000
Arizona
See Similar DealsMultiFamily
Financed 06/09/2023
FINANCED
Arbor Realty Trust Provides $42M Construction Loan For Glendale Multifamily
13215 West Glendale Avenue Glendale, Arizona AZ 85307, USA
See Similar DealsMultiFamily
Financed 06/09/2023
Summary
ARIZONA
Asset Type:MultiFamily
Transaction Type:Loan
The Empire Group has secured a $42,000,000 construction loan from Arbor Realty Trust for the development of a multifamily property located at 13215 West Glendale Avenue in Glendale, AZ. The project will consist of 167 units, making it a significant addition to the local housing market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $42,000,000
- Units: 167
- Lender: Arbor Realty Trust
- Landlord: Empire Group
- Loan Type: Construction
This loan from Arbor Realty Trust will provide the necessary funds for the Empire Group to commence construction on the multifamily property. The project aims to cater to the growing demand for housing in Glendale, AZ. The Empire Group, led by their representative at Arbor Realty Trust, exhibits a strong commitment to the development's success.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$42,000,000.00
Monthly NOI$280,000.00
Monthly Debt Service$265,468.57
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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