Sovereign Apartments LLC Secures $42 Million Freddie Mac Loan For 250-Unit Overland Park Complex
13310 Larsen Road
$42,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 21, 2024
AI
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.
Players
Overland Park 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
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93