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Old National Bank Provides $111M Loan For August At Steelpointe Harbor Apartments In Bridgeport

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FINANCED
$111,000,000

Connecticut

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MultiFamily
Financed 01/24/2024
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Property Image
FINANCED

Old National Bank Provides $111M Loan For August At Steelpointe Harbor Apartments In Bridgeport

55 East Main Street

See Similar Deals
MultiFamily
Financed 01/24/2024
the dealplayerscompscontact
Contact now

Summary

CONNECTICUT
Asset Type:MultiFamily
Transaction Type:Loan

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

Old National Bank
Old National Bank
LENDER
RG
RCI Group
LANDLORD

Details

FINANCED
IMAGE: David Flaherty DATE: 01/24/2024 ADDRESS: 55 East Main Street MARKET: Bridgeport, CT ASSET TYPE: Multifamily ~ UNITS: 420 LENDER: Old National Bank LANDLORD: David Flaherty - Flaherty & Collins Properties; & RCI Group LOAN AMOUNT: $111,000,000 NOTE: Old National Bank has provided $111 million in financing for the construction of the August at Steelpointe Harbor, a 420-unit apartment property in Bridgeport, Connecticut, by a venture of Flaherty & Collins Properties and RCI Group.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$111,000,000.00

Monthly NOI$740,000.00
Monthly Debt Service$701,595.51
Change in Cash Flow$0.00
Refinance Proceeds$0.00