CoreVest Finance Provides $30.4M Construction Loan For Residential Property In Antioch, IL
1262 Heritage Oak Drive
$30,388,000
$10,095/SF
Building Size
3,010 SF
Asset Type
Co-Op
Closing
Sep 23, 2021
AI
The residential property located at 1262-1268 Heritage Oaks Drive in Antioch, IL has been involved in a recent transaction. The property consists of 110 units and is owned by Moda Homes.
Summary of transaction details:
- Property Type: Residential
- Transaction Date: 09/24/2021
- Market: Antioch, IL
- Loan Amount: $30,388,000
- Loan Type: Construction
The loan for this transaction was provided by CoreVest Finance, represented by Joakim Mortensen. The loan terms include a floating rate and a nonrecourse agreement. It consists of a two-year initial term and has an option for a six-month extension. Eric McGlynn from Walker & Dunlop, Inc acted as the broker in this deal.
Players
Antioch Co-Op Market Snapshot
Boundary boundary · Co-Op · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.52%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93