Updated Oct 28, 2024
Lument Provides Acquisition Loan For Multifamily Property In Ridgeland, Mississippi
6811 Old Canton Road, Ridgeland, Mississippi 39157, United States
$37,407,280
$100/SF
Building Size
374,212 SF
Asset Type
MultiFamily
Closing
Jan 4, 2022
About this deal
AI
The multifamily property located at 6811 Old Canton Rd in Ridgeland, Mississippi has been involved in a recent transaction. The property spans approximately 374,212 square feet and consists of 308 units.
Summary of transaction details
- Property Type: Multifamily
- Address: 6811 Old Canton Rd, Ridgeland, Mississippi
- Market: Ridgeland, Mississippi
- Square Footage: 374,212
- Number of Units: 308
The loan for this acquisition was provided by lument''>Lument. The loan amount was $37,407,280. The loan type is an acquisition loan with terms of 3+1=1 rate in the low 3s and a loan-to-cost ratio of 75%.
Hannah Howard, from Meridian Capital Group, represented the buyer as the broker in this transaction.
Players
Ridgeland MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93