Updated Oct 28, 2024
Lument Provides $43.2M Conventional Loan For Multifamily Property In Indianapolis
434 Canal Court South Drive, Indianapolis, Indiana 46202, United States
$43,200,000
Units
421
Asset Type
MultiFamily
Closing
Jan 24, 2022
About this deal
AI
A multifamily property located at 434 Canal Court South Dr in Indianapolis has been recently involved in a closed transaction. The property consists of 421 units, making it a significant asset in the market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $43,200,000
- Address: 434 Canal Court South Dr
- Market: Indianapolis
- Loan Type: Conventional Loan
- Loan Terms: 2-year term with one year of interest only and a 30-year amortization
The loan for this transaction was provided by lument''>Lument. James Kress & Jim Croft, representing Lument, played a significant role in facilitating this deal. The loan amount is $43,200,000, and it is a conventional loan with a 2-year term. The first year of the loan is interest-only, and it has a 30-year amortization schedule.
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
0.37%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93