Principal Real Estate Investors Provides $93M Construction Loan For Multifamily Property In Redlands
FINANCED
$93,000,000
California
See Similar DealsMultiFamily328 SF
Financed 11/09/2021
FINANCED
Principal Real Estate Investors Provides $93M Construction Loan For Multifamily Property In Redlands
1600 Orange Avenue, Redlands, CA, USA
See Similar DealsMultiFamily328 SF
Financed 11/09/2021
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$283,536
Total Square Footage:328 SF
Transaction Type:Loan
The property involved in this transaction is a multifamily asset located at 1600 Orange Avenue in Redlands. The site spans 22 acres and contains a total of 328 units. The loan amount for this construction financing is $93,000,000, with a loan type defined as a construction loan featuring a 5-year, floating-rate term.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $93,000,000
- Address: 1600 Orange Avenue
- Market: Redlands
- Acres: 22
- Units: 328
- Lender: Principal Real Estate Investors
- Lender's Representative: Daniel J. Houston
- Landlord: LuxView Properties
- Broker: JLL
- Loan Type: Construction
- Loan Terms: 5-year, floating-rate
The deal involves key figures such as Daniel J. Houston representing Principal Real Estate Investors as the lender. LuxView Properties serves as the landlord in this transaction, with JLL acting as the broker facilitating the deal.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$93,000,000.00
Monthly NOI$620,000.00
Monthly Debt Service$587,823.26
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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