3650 REIT Provides $103.25M Loan For Southern Residential Portfolio Acquisition
FINANCED
$103,250,000
National
See Similar DealsMultiFamily3,700,000 SF
Financed 05/17/2023
FINANCED
3650 REIT Provides $103.25M Loan For Southern Residential Portfolio Acquisition
South Carolina, Louisiana, Tennessee, Georgia
See Similar DealsMultiFamily3,700,000 SF
Financed 05/17/2023
Summary
Asset Type:MultiFamily
Price Per Square Foot:$27
Total Square Footage:3,700,000 SF
Transaction Type:Loan
The Southern Residential Portfolio, a multifamily property located in South Carolina, Louisiana, Tennessee, and Georgia, was recently involved in a loan transaction. The loan, valued at $103,250,000, was provided by 3650 REIT for the purpose of recapitalization. The portfolio consists of approximately 3,700,000 square feet of space.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $103,250,000
- Address: Southern Residential Portfolio
- Market: South Carolina, Louisiana, Tennessee, Georgia
Eddie Haber and Drew Anderman from Meridian Capital Group represented the landlord, which consists of DWREI, Onyx Partners, and Carlton Associates, in the loan deal. Notably, the new investment by 3650 REIT is subordinate to existing Fannie Mae senior mortgage loans, as mentioned in the broker's note.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$103,250,000.00
Monthly NOI$688,333.33
Monthly Debt Service$652,610.23
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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