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Lonicera Partners, Nimbus Properties And Benedict Capital Secure $88M Loan For 120-unit Multifamily Project In Greenwich
FINANCED
$88,000,000
+ 3
Connecticut
See Similar DealsMultiFamily
Financed
FINANCED
Lonicera Partners, Nimbus Properties And Benedict Capital Secure $88M Loan For 120-unit Multifamily Project In Greenwich
7 Benedict Place
See Similar DealsMultiFamily
Financed
+ 3
Summary
CONNECTICUT
Asset Type:MultiFamily
Transaction Type:Loan
The transaction involves a multifamily property consisting of 120 units located at 7 Benedict Place and 23 Benedict Place in Greenwich, CT. This development includes 48 affordable units and is backed by a construction loan of $88 million.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $88,000,000
- Loan Type: Construction
- Lender: Santander Bank
- Landlord: Jamie Anthony, John Evans & Demetrios Yatrakis - Lonicera Partners; Nimbus Properties & Benedict Capital
- Brokers: Gideon Gil, Taylor Geiger, Cecelia Galligan & Nick Pappas - Cushman & Wakefield
Lonicera Partners, Nimbus Properties, and Benedict Capital are the key entities that secured the construction loan, which aims to facilitate the building of Benedict Court in downtown Greenwich.
Players
BROKERAGE
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$88,000,000.00
Monthly NOI$586,666.67
Monthly Debt Service$556,219.86
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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