Updated Dec 4, 2024
Republic Urban Properties Refinances Multifamily Property With $125M Loan In Millbrae
126 Rollins Road
$125,000,000
Units
320
Asset Type
MultiFamily
Closing
Apr 17, 2024
About this deal
AI
An apartment complex within the Gateway at Millbrae Station development in Millbrae, consisting of 320 units, located at 126 Rollins Road, was refinanced recently.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $125,000,000
- Market: Millbrae
- Lender: Argentic Real Estate Investment
- Landlord: Michael Van Every - Republic Urban Properties
Republic Urban Properties secured the $125 million loan from Argentic Real Estate Investment for the apartment complex, with a fixed interest rate of 8.56 percent, maturing in May 2029. The loan will support the property's goal of achieving full occupancy by the first quarter of 2025 despite a reported net operating loss of $1.8 million at the end of 2023.
Players
Millbrae 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
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93