Updated Oct 28, 2024
Tesseract Capital Group Secures $53.4M Loan For Modesto Multifamily Property
3601 Prescott Road, Modesto, California 95356, United States
$53,400,000
Units
236
Asset Type
MultiFamily
Closing
Jun 2, 2022
About this deal
AI
The multifamily property located at 3601 Prescott Road & 1600 Standiford Avenue in Modesto has been involved in a closed transaction. The property comprises 236 units and is owned by Tesseract Capital Group.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $53,400,000
- Loan: Provided by Dwight Capital, with Josh Sasouness as the representative
- Lender's Representative: Josh Sasouness - Dwight Capital
In this transaction, a loan amount of $53,400,000 was secured through Dwight Capital with Josh Sasouness representing the lender. The loan will support the acquisition or refinancing of the multifamily property owned by Tesseract Capital Group.
On the Map
$53,400,000
MultiFamily
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Players
Modesto 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
0.30%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93