Highland Realty Capital Arranges $28.2M Construction Loan For Student Housing In Berkeley, CA
FINANCED
$28,150,000
California
See Similar Deals43,917 SF
Financed 10/28/2022
FINANCED
Highland Realty Capital Arranges $28.2M Construction Loan For Student Housing In Berkeley, CA
2440 Shattuck Avenue, Berkeley, California 94704, United States
See Similar Deals43,917 SF
Financed 10/28/2022
Summary
CALIFORNIA
Price Per Square Foot:$641
Total Square Footage:43,917 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$28,150,000.00
Monthly NOI$187,666.67
Monthly Debt Service$177,927.15
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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