Updated Oct 29, 2024
Klein Enterprises Secures $85M Loan For Aura Luxury Apartments In Largo, MD
9401 Grand Boulevard Upper Marlboro, Maryland 20774, USA
$85,000,000
Building Size
—
Asset Type
Development Site
Closing
Aug 15, 2023
About this deal
AI
Klein Enterprises has secured an $85 million loan for Aura, a luxury apartment complex located at 9401 Grand Blvd in Largo, Maryland. The development site is set to become an exclusive residential community known for its high-end amenities and prime location in the Largo market.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $85,000,000
- Lender: Northwestern Mutual
- Landlord: Klein Enterprises - Sean Garland
- Brokers: Jason Gerstein & Michael Raphael - LGA Capital
The loan, provided by Northwestern Mutual, will enable Klein Enterprises to further develop the Aura apartment complex, ensuring the realization of their vision for a luxurious residential community in Largo. Through collaboration with brokers Jason Gerstein and Michael Raphael from LGA Capital, Klein Enterprises successfully secured the necessary funding for this ambitious project.
On the Map
$85,000,000
Development Site
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Players
Upper Marlboro 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
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93