Updated Oct 29, 2024
Latco Enterprises Secures $36M Bridge Loan From Dwight Mortgage Trust For Villa Annette Apartments In Moreno Valley
14400 Lasselle St Moreno Valley, CA 92555, USA
$36,000,000
Units
220
Asset Type
MultiFamily
Closing
May 4, 2023
About this deal
AI
Latco Enterprises has secured a $36 million bridge loan from Dwight Mortgage Trust to refinance the newly built Villa Annette Apartments, a 220-unit multifamily property in Moreno Valley, California. The loan will be used to pay off existing construction debt, and Latco plans to obtain further financing through a U.S. Department of Housing and Urban Development Section 223(f)-backed loan once the property, located at 14400 Lasselle Street, achieves stabilization.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $36,000,000
- Units: 220
- Lender: Dwight Mortgage Trust - Ari Mandelbaum
- Landlord: Latco Enterprises
Dwight Mortgage Trust, represented by Ari Mandelbaum, acted as the lender in the transaction. The bridge loan provided by Dwight Mortgage Trust allowed Latco Enterprises to refinance the Villa Annette Apartments. The property, located at 14400 Lasselle Street in Moreno Valley, California, consists of 220 multifamily units. Latco Enterprises plans to secure additional financing through a U.S. Department of Housing and Urban Development Section 223(f)-backed loan once the property achieves stabilization.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93