Updated Oct 28, 2024
Dantes Partners, Delta Housing, And Gilbane Development Secure $28M Loan For Multifamily Project
1400 Florida Avenue Northeast, Washington, District Of Columbia 20002, United States
$28,000,000
Units
166
Asset Type
MultiFamily
Closing
Jul 6, 2022
About this deal
AI
The property involved in this transaction is a multifamily building located at 1400 Florida Ave NE in Washington, DC. The building consists of 166 units. The loan for this transaction was provided by TD Bank, with Hugh Franklin representing the bank. The landlords in this deal are Dantes Partners, the Delta Housing Corporation of D.C, and Gilbane Development Company. The loan amount for this transaction is $28,000,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $28,000,000
- Address: 1400 Florida Ave NE, Washington, DC
- Market: Washington, DC
- Loan Lender: TD Bank represented by Hugh Franklin
- Landlords: Dantes Partners, the Delta Housing Corporation of D.C, and Gilbane Development Company
- Number of Units: 166
In addition to the key details of the property and loan, it's important to note that Dantes Partners, the Delta Housing Corporation of D.C, and Gilbane Development Company played a significant role as landlords in this transaction. Their involvement highlights the collaboration among different organizations in this deal.
Players
Washington 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
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93