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3975 Covington Highway, Dec...

Moshe Horn's Tusk Equity Partners Secures $30M Bridge Loan For Decatur Multifamily Property
FINANCEDMultiFamily

Moshe Horn's Tusk Equity Partners Secures $30M Bridge Loan For Decatur Multifamily Property

3975 Covington Highway, Decatur, Georgia 30032, United States

$30,020,000

$121/SF

Building Size

248,000 SF

Asset Type

MultiFamily

Closing

Aug 8, 2022

AI

Located in Decatur, GA, a closed property transaction involving 3975 Covington Hwy. and 3859 Austin Cir., both multifamily assets, took place. The total square footage of the property is 248,000, and it comprises a total of 254 units. The transaction was dated on 08/09/2022.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $30,020,000
  • Market: Decatur, GA
  • Address: 3975 Covington Hwy. & 3859 Austin Cir.
  • Square Footage: 248,000
  • Units: 254

Moshe Horn, representing Tusk Equity Parnters, served as the landlord in this transaction. The loan for this deal was provided by Merchants Bank with a bridge loan amounting to $30,020,000. The brokers involved in the transaction were Steven Vegh and Phil Goldstein, who represented the sellers and buyers respectively. They are affiliated with Westwood Realty Associates.

Players

Steven Vegh

Westwood Realty Associates

Broker

$2.5B

vol

68 deals

Broker
Merchants Bank
Merchants BankLender
Moshie Horn

Moshie Horn

Tusk Equity Partners

Landlord

$150.1M

vol

7 deals

Landlord

Decatur 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

0.53%

Cash-on-Cash

-0.15%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93