Wells Fargo Provides $45M Construction Loan For Charlotte Condo Development
FINANCED
$45,000,000
+ 1
North Carolina
See Similar Deals7,405 SF
Financed 10/18/2021
FINANCED
Wells Fargo Provides $45M Construction Loan For Charlotte Condo Development
130 Cherokee Rd, Charlotte, NC, USA
See Similar Deals7,405 SF
Financed 10/18/2021
+ 1
Summary
NORTH CAROLINA
Price Per Square Foot:$6,077
Total Square Footage:7,405 SF
Transaction Type:Loan
The Lutgert Companies has secured a $45,000,000 construction loan for a condo project located at 130 Cherokee Rd in Charlotte, North Carolina. The project consists of 32 units and is being financed by Wells Fargo.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $45,000,000
- Units: 32
- Market: Charlotte, North Carolina
The loan for this condominium project was arranged by Chris Drew, Brian Gaswirth, John Gavigan, and Reid Carleton of JLL Capital Markets, who represented The Lutgert Companies. Wells Fargo acted as the lender in this transaction.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$45,000,000.00
Monthly NOI$300,000.00
Monthly Debt Service$284,430.61
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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