Updated Dec 4, 2024
Meridian Capital Group Arranges $66.5M Development Loan For Delaware Multifamily
$66,500,000
$282/SF
Building Size
235,701 SF
Asset Type
MultiFamily
Closing
Nov 2, 2023
About this deal
AI
A development loan in the amount of $66,500,000 has been secured for a multifamily property in Delaware. The property spans a total square footage of 235,701 and consists of 243 units. The loan was facilitated by Morris Betesh & Alex Bailkin from Meridian Capital Group.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $66,500,000
- Square Footage: 235,701
- Number of Units: 243
- Brokers: Morris Betesh & Alex Bailkin - Meridian Capital Group
Senior financing and preferred equity were arranged for the development loan, providing the necessary capital for the project.
Players
Market 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
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93