Updated Oct 29, 2024
Greenway Development Secures $35.8M Construction Loan For Parkline Towers Multifamily
820 E Idaho St Kalispell, MT 59901, USA
$35,820,098
$3,582,009/SF
Building Size
10 SF
Asset Type
MultiFamily
Closing
Aug 8, 2023
About this deal
AI
The development of Parkline Towers located at 820 E Idaho Street in Kalispell, MT has been financed through a construction loan. The loan amount for this multifamily property is $35,820,098. The loan was obtained from Stockman Bank and facilitated by Greenway Development as the landlord. The project was brokered by Matthew Stearns and Zach Lutwak-Fitzgerald of Black Bear Capital Partners.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $35,820,098
- Borrower: Greenway Development
- Lender: Stockman Bank
- Brokers: Matthew Stearns & Zach Lutwak-Fitzgerald - Black Bear Capital Partners
The construction loan obtained for the development of Parkline Towers spans a 30-month fixed-rate term on a full-term interest-only basis. The loan allows for the construction of 224 units within the property.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.44%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93