Highland Realty Capital Arranges $28.2M Construction Loan For Student Housing In Berkeley, CA
2440 Shattuck Avenue, Berkeley, California 94704, United States
$28,150,000
$641/SF
Building Size
43,917 SF
Asset Type
—
Closing
Oct 27, 2022
AI
The property involved in the transaction is a student housing located at 2440 Shattuck Ave in Berkeley, CA. It has a total square footage of 43,917 and is classified as a student housing asset.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $28,150,000
- Date: 10/28/2022
- Market: Berkeley, CA
- Brokers: Jeff Eliason & Leland Ortega - Highland Realty Capital
- Loan Type: Construction
- Loan Terms: 2-Years with Extensions, 85% LTC, Low Priced Bank Loan with Recourse Burnoff at CofO
The loan amount for the transaction is $28,150,000, and it is a construction loan. The loan terms include a 2-year duration with extensions, 85% Loan-to-Cost ratio, and a low-priced bank loan with recourse burnoff at the Certificate of Occupancy.
Players
Berkeley CRE Market Snapshot
Boundary boundary · CRE · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93