Rane Property Management Secures $70M Bridge Loan For Buffalo Multifamily
FINANCED
$70,000,000
+ 1
New York
See Similar DealsMultiFamily
Financed 04/25/2022
FINANCED
Rane Property Management Secures $70M Bridge Loan For Buffalo Multifamily
70 Blue Pointe Ln, Grand Island, New York 14072, United States
See Similar DealsMultiFamily
Financed 04/25/2022
+ 1
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
The multifamily property located at 70 Blue Point Lane in Buffalo has been involved in a closed transaction. The property consists of 376 units and was part of the market in Buffalo.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $70,000,000
- Address: 70 Blue Point Lane, Buffalo
- Market: Buffalo
- Units: 376
In this transaction, the loan for the property was provided by TPG Real Estate Finance Trust. The loan was a bridge loan type, with non-recourse terms that lasted for 3 years.
Rane Property Management, represented by Tony Cutaia, acted as the landlord in this deal. The brokers involved in the transaction were Kevin O’Grady, David Larson, Keegan Burger, and Daniel Rojo from Concord Summit Capital.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$70,000,000.00
Monthly NOI$466,666.67
Monthly Debt Service$442,447.62
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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