Updated Oct 29, 2024
HUD 223 Lends $12.1M For 285-Unit Multifamily In Champaign, IL
1862 Valley Road, Champaign, Illinois, USA
$12,120,800
$47/SF
Building Size
256,230 SF
Asset Type
MultiFamily
Closing
Feb 28, 2021
About this deal
AI
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.
On the Map
$12,120,800
$47/SF
MultiFamily
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Players
Champaign 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
1.31%
Cash-on-Cash
-0.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93