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Dantes Partners, Delta Housing, And Gilbane Development Secure $28M Loan For Multifamily Project

Property Image
FINANCED
$28,000,000

District Of Columbia

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MultiFamily
Financed 07/07/2022
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Property Image
FINANCED

Dantes Partners, Delta Housing, And Gilbane Development Secure $28M Loan For Multifamily Project

1400 Florida Avenue Northeast, Washington, District Of Columbia 20002, United States

See Similar Deals
MultiFamily
Financed 07/07/2022
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Summary

Asset Type:MultiFamily
Transaction Type:Loan

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

LENDER


Details

FINANCED
IMAGE: 07/07/2022 ADDRESS: 1400 Florida Ave NE MARKET: Washington, DC ASSET TYPE: Multifamily ~ UNITS: 166 LENDER: TD Bank - Hugh Franklin LANDLORD: Dantes Partners, the Delta Housing Corporation of D.C & Gilbane Development Company LOAN AMOUNT: $28,000,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$28,000,000.00

Monthly NOI$186,666.67
Monthly Debt Service$176,979.05
Change in Cash Flow$0.00
Refinance Proceeds$0.00