Updated Oct 29, 2024
Russo Development Secures $90 Million Loan For Multifamily Property On Vermella Way
4 Vermella Way
$90,000,000
Units
309
Asset Type
MultiFamily
Closing
Apr 3, 2023
About this deal
AI
A seven-year, $90,000,000 loan has been secured for the multifamily property located at 4 Vermella Way in Union. The property consists of 309 units and is owned by Russo Development. The transaction was facilitated by brokers Gretchen Wilcox and David Fryer from G.S. Wilcox & Co.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $90,000,000
- Units: 309
- Address: 4 Vermella Way
- Market: Union
Gretchen Wilcox and David Fryer from G.S. Wilcox & Co played a key role in the loan transaction. They represented the buyer and facilitated the seven-year loan agreement. The involvement of these brokers highlights their expertise in the Union market and their ability to successfully secure significant financing for multifamily properties.
On the Map
$90,000,000
MultiFamily
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Players
Union 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
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93