Updated Dec 4, 2024
Asher Bittman Of Sheridan Capital Provides $24 Million Bridge Loan For Multifamily Asset In Phoenix
N 45th Ave
$24,000,000
$87/SF
Building Size
273,288 SF
Asset Type
MultiFamily
Closing
Sep 10, 2024
About this deal
AI
The property asset involved in this transaction is a multifamily complex located at 2627 N 45th Ave, Phoenix, AZ. It encompasses a total square footage of 273,288 and comprises 301 units. The loan amount secured for this asset is $24,000,000, classified as a bridge loan.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $24,000,000
- Loan Type: Bridge
- Lender: Asher Bittman
- Lender Agency: Sheridan Capital
Asher Bittman from Sheridan Capital facilitated the loan for this multifamily property transaction, representing the lender's interests throughout the closure of the deal. This strategic financing will support the operational needs of the property within the Phoenix market.
On the Map
$24,000,000
$87/SF
MultiFamily
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Players
Phoenix MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93