Gantry Arranges $14.3M Construction Loan For 64-Unit Multifamily Property In Monterey, California
2300 Garden Road, Monterey, California 93940, United States
$14,300,000
Building Size
—
Asset Type
MultiFamily
Closing
Dec 13, 2022
AI
The property involved in this transaction is a multifamily asset located at 2300 Garden Road in Monterey. The property sits on a spacious 7.23-acre lot and comprises a total of 64 units. The transaction took place on 12/13/2022.
Summary of Transaction Details:
- Property Type: Multifamily
- Transaction Amount: $14,300,000
- Units: 64
- Acres: 7.23
- Market: Monterey
The brokers involved in this deal were Robert Slatt, Jeff Wilcox, and Andrew Ferguson from Gantry.
The loan obtained for this transaction was a construction loan with a value of $14,300,000. The loan terms are three years.
Players
Monterey 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
1.11%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93