HUD 223 Lends $12.1M For 285-Unit Multifamily In Champaign, IL
FINANCED
$12,120,800
Illinois
See Similar DealsMultiFamily256,230 SF
Financed 03/01/2021
FINANCED
HUD 223 Lends $12.1M For 285-Unit Multifamily In Champaign, IL
1862 Valley Road, Champaign, Illinois, USA
See Similar DealsMultiFamily256,230 SF
Financed 03/01/2021
Summary
ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$47
Total Square Footage:256,230 SF
Transaction Type:Loan
An HUD 223 loan has been secured for a multifamily property located at 1862 Valley Road in Champaign, IL. The property spans 256,230 square feet and comprises 285 units. The loan was arranged by Matt Stearns and Raymond Zanca of BlackBear Capital Partners.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $12,120,800
- Loan Terms: 35-years fixed at 2.30%, non-recourse
Matt Stearns and Raymond Zanca of BlackBear Capital Partners represented the borrower in securing the HUD 223 loan for this multifamily property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$12,120,800.00
Monthly NOI$80,805.33
Monthly Debt Service$76,611.70
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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