Updated Dec 4, 2024
Gantry Arranges $38.15M Construction Financing For Lawrence Apartments In Buffalo, NY
983 Michigan Avenue
$38,150,000
Units
132
Asset Type
MultiFamily
Closing
Jan 30, 2024
About this deal
AI
The Lawrence Apartments, a Class A multifamily property with 132 units, has secured $38.15 million in construction financing in Buffalo, NY. The property is located at 983 Michigan Avenue, adjacent to the Buffalo Niagara Medical Campus.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $38,150,000
- Loan Terms: 5-year loan
Gantry, represented by Daniel Monte, successfully arranged the $38.15 million in construction financing for The Lawrence Apartments.
The multifamily loan at 983 Michigan Avenue in Buffalo, New York financed for $38.2M in 2024. Reported inventory is 132 units across 132 units. Named participants on the 983 Michigan Avenue loan are Daniel Monte. This page is the Buffalo, New York file for the 983 Michigan Avenue multifamily financed: pricing, party profiles, and other closed multifamily comps from the same Buffalo sit in the Market section below. Filter that Buffalo multifamily set by closing date to see what else financed near 983 Michigan Avenue around 2024. Published consideration for 983 Michigan Avenue is $38.2M, dated 2024. Cite this Gantry Arranges $38.15M Construction Financing For Lawrence Apartments In Buffalo, NY loan when underwriting similar multifamily product around Buffalo, New York.
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Buffalo MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93