United Life Insurance Company Secures $5.4M Loan For Multifamily Asset In Denver, CO
2508 East 11th Avenue
$5,400,000
$5,400,000/SF
Building Size
1 SF
Asset Type
MultiFamily
Closing
Sep 25, 2024
AI
The asset involved in this transaction is a multifamily property located at 2508 East 11th Avenue in Denver, CO. The loan amount secured for this property is $5,400,000 with a loan type of Life Company. The loan terms include a rate of 5.30%, a term of 5 years, and it is structured as full term interest only.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,400,000
- Loan Type: Life Company
- Loan Terms: Rate: 5.30%, Term: 5 Year, Full Term Interest Only
- Lender: United Life Insurance Company
- Lender's Representative: Darragh Griffin & Quinn Keenan - Essex Capital Markets
The transaction is facilitated by Darragh Griffin and Quinn Keenan, who represent the lender, United Life Insurance Company, in this loan agreement. Their involvement is crucial to the execution of the financing for the multifamily property in the Denver market.
Players
Denver 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
2.94%
Cash-on-Cash
-0.84%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93