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KKR Issues $79.03M Loan To Cortland For 253-Unit Multifamily Property In Phoenix
FINANCED
$79,030,000
Arizona
See Similar DealsMultiFamily
Financed 07/25/2025
FINANCED
KKR Issues $79.03M Loan To Cortland For 253-Unit Multifamily Property In Phoenix
2727 East Camelback Road
See Similar DealsMultiFamily
Financed 07/25/2025
Summary
ARIZONA
Asset Type:MultiFamily
Transaction Type:Loan
The asset involved in this transaction is a 253-unit multifamily property located at 2727 East Camelback Road in the Phoenix market. The property, known as Cortland Biltmore, was purchased by Cortland in 2020 for a price of $117 million. A fixed-rate loan amounting to $79,030,000 has been issued for this asset.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $79,030,000
- Address: 2727 East Camelback Road
- Market: Phoenix
- Units: 253
- Landlord: Cortland
The deal involved an affiliate of KKR, which issued the loan to Cortland for its property. This financing is notable as it supports the continued operation of the Cortland Biltmore, enhancing Cortland's portfolio in the multifamily sector.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$79,030,000.00
Monthly NOI$526,866.67
Monthly Debt Service$499,523.36
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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