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Klein Enterprises Secures $85M Loan For Aura Luxury Apartments In Largo, MD

Property Image
FINANCED
$85,000,000
MR
JG
SG

Maryland

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Development Site
Financed 08/15/2023
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Property Image
FINANCED

Klein Enterprises Secures $85M Loan For Aura Luxury Apartments In Largo, MD

9401 Grand Boulevard Upper Marlboro, Maryland 20774, USA

See Similar Deals
Development Site
Financed 08/15/2023
MR
JG
SG
the dealplayerscompscontact
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Summary

MARYLAND
Asset Type:Development Site
Transaction Type:Loan

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.

Players

MR
Michael Raphael
1 deal$85M volume
BROKER
JG
Jason Gerstein
1 deal$85M volume
BROKER
Northwestern Mutual
Northwestern Mutual
LENDER
SG
Sean Garland
2 deals$107.1M volume
LANDLORD

Details

FINANCED
IMAGE: Sean Garland DATE: 08/15/2023 ADDRESS: 9401 Grand Blvd MARKET: Largo, MD ASSET TYPE: Development Site LENDER: Northwestern Mutual LANDLORD: Klein Enterprises - Sean Garland BROKERS: Jason Gerstein & Michael Raphael - LGA Capital LOAN AMOUNT: $85,000,000 NOTE: Klein Enterprises secured an $85 million loan for Aura, a luxury apartment complex in Largo, Maryland.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$85,000,000.00

Monthly NOI$566,666.67
Monthly Debt Service$537,257.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00