Frank Montalto Of Marcus & Millichap Arranges $30.5M Loan For Brooks North Apartments
4005 Church Street
$30,500,000
Building Size
—
Asset Type
Development Site
Closing
Jul 1, 2024
AI
The construction financing for Brooks North Apartments, a luxury garden-style apartment community located at 4005 North Church Street in Greensboro, North Carolina, was secured through a $30.5 million loan arranged by IPA Capital Markets, a division of Marcus & Millichap.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $30,500,000
- Broker: Frank Montalto - Marcus & Millichap
- Loan Type: Construction
Focusing on the key individuals involved in the deal, Frank Montalto from Marcus & Millichap played a pivotal role as the broker representing the transaction.
Greensboro Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.52%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93