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Gantry Arranges $59.6 Million Loan For Acquisition Of Multifamily Communities In Tallahassee And Newport News
FINANCED
$59,600,000
Florida
See Similar DealsMultiFamily
Financed 04/09/2025
FINANCED
Gantry Arranges $59.6 Million Loan For Acquisition Of Multifamily Communities In Tallahassee And Newport News
2202 West Pensacola Street, 2125 Jackson Bluff Road & 85 29th Street
See Similar DealsMultiFamily
Financed 04/09/2025
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Loan
The transaction involves three apartment communities totaling 249 units located at 2202 West Pensacola Street in Tallahassee, FL, 2125 Jackson Bluff Road in Tallahassee, FL, and 85 29th Street in Newport News, VA. The loan amount for this acquisition is $59,600,000, secured under an interest-only structure with a 30-year amortization plan. The properties were obtained out of receivership.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $59,600,000
- Loan Type: Acquisition
- Loan Terms: interest-only, 30-year amortization
- Units: 249
- Market: Tallahassee, FL & Newport News, VA
Alec Frook and Mark Reichter from Gantry facilitated the arrangement of the bridge loans for a private investor's acquisition. They structured the loans with upfront interest-only terms and provided capex funding to support repositioning and leasing of the apartment communities.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$59,600,000.00
Monthly NOI$397,333.33
Monthly Debt Service$376,712.54
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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