Flaherty & Collins Refinances 192-Unit Multifamily Property In Covington, KY For $53M With Natixis Loan
515 Main Street, Covington, KY, USA
$53,000,000
$25,566/SF
Building Size
2,073 SF
Asset Type
MultiFamily
Closing
Oct 25, 2021
AI
The multifamily property located at 515 Main St in Covington, KY has been involved in a recent loan transaction. The property consists of 192 units, making it a substantial asset in the market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $53,000,000
- Date: 10/25/2021
- Lender: natixis''>Natixis
- Landlord: Flaherty & Collins
- Brokers: Daniel Geuther & Michael Slovitt - Berkadia
During the loan transaction, Natixis provided a $53,000,000 refinancing loan. The loan term is set at five years with a floating interest rate.
Players
Covington 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
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93