Eastern Union Arranges $9.75M Bridge Loan For Multifamily Property In Indianapolis
3710 N Meridian St, Indianapolis, IN, USA
$9,750,000
$77/SF
Building Size
125,501 SF
Asset Type
MultiFamily
Closing
Sep 14, 2021
AI
A multifamily property located at 3710 N. Meridian St. in Indianapolis, IN has been involved in a closed transaction. The property consists of 195 units and is owned by Crown Capital Ventures and Whitestone Capital.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,750,000
- Loan Type: Bridge
- Loan Terms: Three-year interest-only term, with options for two one-year extensions
The loan for this transaction was provided by Eastern Union, with Michael Wyne representing the lending agency. Michael Wyne is not only the lender but also the loan's representative from Eastern Union. The loan amount of $9,750,000 will be used for this transaction.
Players
Indianapolis 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
1.63%
Cash-on-Cash
-0.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93