Regions Bank Provides $7M Construction Loan For 39-Unit Multifamily Project In New Haven, CT
FINANCED
$7,000,000
Connecticut
See Similar DealsMultiFamily45 SF
FINANCED
Regions Bank Provides $7M Construction Loan For 39-Unit Multifamily Project In New Haven, CT
58 Fountain Street, New Haven, Connecticut 06515, United States
See Similar DealsMultiFamily45 SF
Summary
CONNECTICUT
Asset Type:MultiFamily
Price Per Square Foot:$155,555
Total Square Footage:45 SF
Transaction Type:Loan
The property involved in the transaction is a multifamily asset located at 58 Fountain St in New Haven, CT. It spans approximately 45,000 square feet and consists of 39 units. The transaction took place on 11/29/2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,000,000
- Market: New Haven, CT
- Address: 58 Fountain St
- Asset Type: Multifamily
- Square Footage: 45,000
- Units: 39
The broker involved in the deal is Abe Mann from Rosewood Realty Group. The landlord of the property is Avi Meer from Urban Haven Corp. The lender in this transaction is Regions Bank.
The loan obtained for this property is a construction loan with a total amount of $7,000,000. The loan terms include 75% loan-to-cost construction to permanent financing, 24 months interest-only period, a 10-year term, and an earn-out upon stabilization.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,000,000.00
Monthly NOI$46,666.67
Monthly Debt Service$44,244.76
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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