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Sovereign Apartments LLC Secures $42 Million Freddie Mac Loan For 250-Unit Overland Park Complex
FINANCED
$42,000,000
Kansas
See Similar DealsMultiFamily
Financed 11/21/2024
FINANCED
Sovereign Apartments LLC Secures $42 Million Freddie Mac Loan For 250-Unit Overland Park Complex
13310 Larsen Road
See Similar DealsMultiFamily
Financed 11/21/2024
Summary
KANSAS
Asset Type:MultiFamily
Transaction Type:Loan
The Sovereign at Overland Park is a multifamily property located at 13310 Larsen Road in Overland Park, Kansas. This asset comprises 250 units and was built in 2013. Key amenities include a resort-style pool, private garages, and a 24-hour fitness center. The total loan amount for this acquisition is $42,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $42,000,000
- Loan Type: Acquisition
- Loan Terms: 10-year loan
- Market: Overland Park, KS
- Landlord: Sovereign Apartments LLC
- Broker: Greg Duvall - NorthMarq
NorthMarq facilitated the financing for this transaction by providing a Freddie Mac loan to Sovereign Apartments LLC. The broker representing the transaction is Greg Duvall from NorthMarq, who played a pivotal role in securing the financing for this 250-unit complex.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$42,000,000.00
Monthly NOI$280,000.00
Monthly Debt Service$265,468.57
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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