Regions Bank Provides $7M Construction Loan For 39-Unit Multifamily Project In New Haven, CT
58 Fountain Street, New Haven, Connecticut 06515, United States
$7,000,000
$155,555/SF
Building Size
45 SF
Asset Type
MultiFamily
Closing
Apr 17, 2023
AI
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.
Players
New Haven 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
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93