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Cronheim Mortgage Secures $18.3M Construction Loan For Las Vilitas Multifamily Project In Edinburg, Texas
FINANCED
$18,300,000
Michigan
See Similar DealsDevelopment Site
Financed 06/27/2023
FINANCED
Cronheim Mortgage Secures $18.3M Construction Loan For Las Vilitas Multifamily Project In Edinburg, Texas
Edinburg
See Similar DealsDevelopment Site
Financed 06/27/2023
Summary
MICHIGAN
Asset Type:Development Site
Transaction Type:Loan
Local developer Verturo Interests has secured an $18.3 million construction loan from a regional bank for the 200-unit Las Vilitas multifamily project in Edinburg, Texas. The loan, provided by Cronheim Mortgage, will support the development of the project, which is a development site located in the Edinburg market.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $18,300,000
- Loan Type: Construction Loan
- Loan Terms: three years of interest-only payments followed by a 12-year term
The loan was secured by David Poncia of Cronheim Mortgage, who represented Verturo Interests in the deal. The loan terms include three years of interest-only payments, followed by a 12-year term for repayment.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$18,300,000.00
Monthly NOI$122,000.00
Monthly Debt Service$115,668.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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