Updated Sep 5, 2024
Black Bear Capital Partners Secures $11.1M Acquisition/Construction Loan For Multifamily Development In Darien, IL
2305 Sokol Court
$11,100,000
Units
68
Asset Type
MultiFamily
Closing
Aug 19, 2022
About this deal
AI
A multifamily property located at 2305 Sokol Court in Darien, IL, was involved in a recent loan transaction. The loan, totaling $11,100,000, was used for the acquisition and construction of a 68-unit multifamily development. The financing was structured as a 2-year fixed-rate loan with interest-only payments for the entirety of the term. The loan amount represented 75% loan-to-cost (LTC) of the project.
Summary of transaction details
- Property Type: Multifamily
- Loan Amount: $11,100,000
- Loan Type: Acquisition / Construction
- Loan Terms: 2-year fixed-rate loan with interest only payments
The loan transaction was facilitated by Suraj Desai of Black Bear Capital Partners. Serving as the broker representative, Suraj Desai played a crucial role in securing the financing for the multifamily development. Black Bear Capital Partners specializes in real estate finance and investment advisory services, providing tailored solutions to clients.
Players
Darien 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
1.43%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93