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Loan · MultiFamily

Updated Dec 4, 2024

Blue Iron Development Secures $67.5M Refinance Loan For Saratoga Springs Multifamily
FINANCEDMultiFamily

Blue Iron Development Secures $67.5M Refinance Loan For Saratoga Springs Multifamily

$67,500,000

Units

260

Asset Type

MultiFamily

Closing

Jun 11, 2024

About this deal

AI

The multifamily asset located at 1 Forest Ridge in Saratoga Springs consists of 260 units and was the subject of a $67.5 million loan refinance deal. The loan was provided by Dwight Mortgage Trust, with Blue Iron Development securing the financing for the Elements at Saratoga Lake property.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $67,500,000
  • Lender: Dwight Mortgage Trust - David Scheer & Joshua Klein
  • Landlord: Zach Dorrough & Dave Kwiat - Blue Iron Development
  • Address: 1 Forest Ridge
  • Market: Saratoga Springs

Dwight Mortgage Trust, represented by David Scheer and Joshua Klein, provided the $67.5 million refinance loan for the Elements at Saratoga Lake property. The landlords, Zach Dorrough and Dave Kwiat of Blue Iron Development, finalized the deal securing the financing for the multifamily asset located in Saratoga Springs, N.Y.

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Players

Dwight Capital
Dwight CapitalLender
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Market 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

0.24%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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