Updated Nov 24, 2023
M&T Bank Provides $6.5M Construction Loan For Development Site In Moreau
1201 Route 9
$6,500,000
Building Size
—
Asset Type
Development Site
Closing
Apr 16, 2023
About this deal
AI
A development site located at 1201 Route 9 in Moreau has secured a construction loan worth $6,500,000. The loan was provided by M&T Bank, indicating their confidence in the project's potential. This development site offers an opportunity for future growth and expansion in the area.
Summary of transaction details
- Property Type: Development Site
- Address: 1201 Route 9, Moreau
- Loan Amount: $6,500,000
- Loan Type: Construction
- Lender: M&T Bank
The owners of the development site, Lisa and Tom Hoffman Sr, successfully secured the loan to support their construction project. This financial support from M&T Bank will enable them to bring their development plans to fruition, adding value to the property and potentially contributing to the growth and development of Moreau and its surrounding areas.
On the Map
$6,500,000
Development Site
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Players
Winnipeg Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.44%
Cash-on-Cash
-0.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93