Updated Mar 11, 2025
McKinley Homes Secures $52.15M Loan For Seven88 West Midtown Multifamily Tower In Atlanta
788 West Marietta Street Northwest Atlanta, GA, 30318, USA
$52,000,000
Units
142
Asset Type
MultiFamily
Closing
Jul 18, 2023
About this deal
AI
The Seven88 West Midtown multifamily high-rise tower in Atlanta has secured a $52.15 million loan from Thorofare Capital, Inc. The loan will be used by McKinley Homes to refinance and lease-up 142 units within the property.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $52,000,000
- Units: 142
- Lender: Thorofare Capital - David Perlman
David Perlman from Thorofare Capital played a crucial role in facilitating the loan for Seven88 West Midtown multifamily high-rise tower. This partnership between McKinley Homes and Thorofare Capital will help in the successful refinance and lease-up of the 142 units within the property.
Players
Atlanta 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
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93