Updated Dec 4, 2024
Old National Bank Provides $111M Loan For August At Steelpointe Harbor Apartments In Bridgeport
55 East Main Street
$111,000,000
Units
420
Asset Type
MultiFamily
Closing
Jan 24, 2024
About this deal
AI
The August at Steelpointe Harbor, a 420-unit apartment property in Bridgeport, Connecticut, has received $111 million in financing for its construction. The loan was provided by Old National Bank, supporting the development of this multifamily asset.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $111,000,000
- Units: 420
- Address: 55 East Main Street, Bridgeport, CT
- Market: Bridgeport, CT
David Flaherty, representing Flaherty & Collins Properties, and RCI Group are the landlords involved in this project. They have partnered to bring forth the August at Steelpointe Harbor. The financing provided by Old National Bank supports their joint venture.
Players
Bridgeport 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
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93