Concordia Properties Obtains $97.5M Bridge Loan For Multifamily Portfolio In DE, NJ, And PA
FINANCED
$97,450,000
Delaware
See Similar DealsMultiFamily630,000 SF
Financed 02/17/2022
FINANCED
Concordia Properties Obtains $97.5M Bridge Loan For Multifamily Portfolio In DE, NJ, And PA
3400 Miller Road, Wilmington, Delaware 19802, United States
See Similar DealsMultiFamily630,000 SF
Financed 02/17/2022
Summary
DELAWARE
Asset Type:MultiFamily
Price Per Square Foot:$154
Total Square Footage:630,000 SF
Transaction Type:Loan
The multifamily property located at 3400 Miller Road, 309 West Brooke Avenue, 95 Heights Lane, 400 East Street Road, and 387 Plaza Boulevard has been involved in a closed transaction. The property encompasses a total of 630,000 square feet and consists of 636 units. It is situated in the markets of Wilmington, DE, Magnolia, NJ, Feasterville, and Morrisville, PA.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $97,450,000
- Loan Type: Bridge Loan
The transaction was facilitated by Concordia Properties as the landlord. The broker representing the deal was Steven Vegh from Westwood Realty Associates.
Players
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$97,450,000.00
Monthly NOI$649,666.67
Monthly Debt Service$615,950.29
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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