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Merchants Bank Of Indiana Provides $21.34M Bridge Loan For Jackson, Mississippi Multifamily Project

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FINANCED
$21,340,000

Mississippi

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MultiFamily340,000 SF
Financed 07/27/2022
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Property Image
FINANCED

Merchants Bank Of Indiana Provides $21.34M Bridge Loan For Jackson, Mississippi Multifamily Project

420 Beasley Rd

See Similar Deals
MultiFamily340,000 SF
Financed 07/27/2022
Contact now

Summary

MISSISSIPPI
Asset Type:MultiFamily
Price Per Square Foot:$62
Total Square Footage:340,000 SF
Transaction Type:Loan

The multifamily property located at 420 & 425 Beasley Rd. in Jackson, Mississippi has been involved in a closed transaction. The property spans approximately 340,000 square feet and is owned by Ember Equities, represented by Bryon Schlosser and Isaac Richter. The deal was facilitated by brokers Steven Vegh and Phil Goldstein of Westwood Realty Associates. The transaction involved a bridge loan from Merchants Bank of Indiana, with a loan amount of $21,340,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $21,340,000
  • Address: 420 & 425 Beasley Rd., Jackson, Mississippi
  • Market: Jackson, Mississippi
  • Lender: Merchants Bank of Indiana
  • Landlord: Ember Equities - Bryon Schlosser & Isaac Richter
  • Brokers: Steven Vegh & Phil Goldstein - Westwood Realty Associates
  • Loan Type: Bridge

The deal's key individuals and companies include Ember Equities, represented by Bryon Schlosser and Isaac Richter, and the brokers Steven Vegh and Phil Goldstein of Westwood Realty Associates. The loan was provided by Merchants Bank of Indiana. The transaction marks an important milestone in the multifamily market in Jackson, Mississippi.

Players

Steven Vegh
68 deals$2.5B volume(917) 715-8259
BROKER

Steven Vegh
Westwood Realty Associates
68 deals$2.5B volume(917) 715-8259
BROKER

Phil Goldstein
22 deals$515.7M volume
BROKER

Merchants Bank of Indiana
LENDER

Details

FINANCED
IMAGE: Steven Vegh & Phil Goldstein DATE: 07/27/2022 ADDRESS: 420 & 425 Beasley Rd. MARKET: Jackson, Mississippi ASSET TYPE: Multifamily ~ SF: 340,000 LENDER: Merchants Bank of Indiana LANDLORD: Ember Equities - Bryon Schlosser & Isaac Richter BROKERS: Steven Vegh (@StevenVegh) & Phil Goldstein (@Phil_Goldstein_84) - Westwood Realty Associates LOAN AMOUNT: $21,340,000 LOAN TYPE: Bridge

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$21,340,000.00

Monthly NOI$142,266.67
Monthly Debt Service$134,883.32
Change in Cash Flow$0.00
Refinance Proceeds$0.00