CoreVest Finance Provides $30.4M Construction Loan For Residential Property In Antioch, IL
FINANCED
$30,388,000
Illinois
See Similar DealsCo-Op3,010 SF
Financed 09/23/2021
FINANCED
CoreVest Finance Provides $30.4M Construction Loan For Residential Property In Antioch, IL
1262 Heritage Oak Drive
See Similar DealsCo-Op3,010 SF
Financed 09/23/2021
Summary
ILLINOIS
Asset Type:Co-Op
Price Per Square Foot:$10,095
Total Square Footage:3,010 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$30,388,000.00
Monthly NOI$202,586.67
Monthly Debt Service$192,072.83
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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