Updated Mar 11, 2025
New York Community Bank Provides $53.7M Acquisition Loan For Colony Apartments In Wilmington, DE
2-8 Colony Boulevard
$53,725,000
$109/SF
Building Size
489,232 SF
Asset Type
MultiFamily
Closing
Jul 15, 2022
About this deal
AI
The Colony Apartments, located at 2-8, 7, and 10-46 Colony Boulevard in Wilmington, DE, has recently undergone a closed transaction. This multifamily property consists of 430 units with a total square footage of approximately 489,232. The transaction involved an acquisition loan from New York Community Bank.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $53,725,000.00
- Lender: New York Community Bank
The loan, with an amount of $53,725,000.00, was secured from New York Community Bank for the acquisition of the Colony Apartments. The loan type was an acquisition loan, with a 4% interest rate and multiple years of interest-only payments.
The brokers involved in this transaction were Jacob Schmuckler and Meir Schlusselberg from Meridian Capital Group, serving as representatives of the buyer or seller. Their expertise and negotiation skills played a crucial role in facilitating the deal.
Players
Wilmington 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
0.30%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93