Reynolds Asset Management Secures $19.5M Loan To Refinance Violet Estates, Poughkeepsie
35 Violet Avenue
$19,500,000
Building Size
—
Asset Type
Single Family
Closing
May 2, 2024
AI
Located at 35 Violet Avenue in Poughkeepsie, New York, Violet Estates is a Single Family property. Lou Reynolds of Reynolds Asset Management secured a $19.5 million loan to refinance the active-adult living community, designed to cater to individuals aged 55 and older, addressing the local housing shortage in the area.
Summary of transaction details:
- Property Type: Single Family
- Transaction Amount: $19,500,000
- Landlord: Lou Reynolds - Reynolds Asset Management
- Broker: Allan Edelson - Walker & Dunlop
- Market: Poughkeepsie
Allan Edelson of Walker & Dunlop represented the deal as the broker for Lou Reynolds in securing the loan for Violet Estates in Poughkeepsie.
Players
Poughkeepsie Single Family Market Snapshot
Boundary boundary · Single Family · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.81%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93