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Madison Communities Secures $80M Construction Loan For The Garten Development Site
FINANCED
$80,000,000
North Carolina
See Similar DealsDevelopment Site
Financed 02/16/2024
FINANCED
Madison Communities Secures $80M Construction Loan For The Garten Development Site
4221 South Tryon Street
See Similar DealsDevelopment Site
Financed 02/16/2024
Summary
NORTH CAROLINA
Asset Type:Development Site
Transaction Type:Loan
Develop The Garten, a 320-unit market-rate multifamily property in Charlotte’s Lower South End neighborhood, has secured an $80 million construction loan from META Real Estate Partners and Bank of America. The property is located at 4221 South Tryon Street, Charlotte, NC.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $80,000,000
- Lender: Meta Real Estate Partners & Bank of America
- Landlord: Ryan Hanks - Madison Communities
Madison Communities, a Charlotte-based firm, led by Ryan Hanks, has successfully obtained the construction loan for The Garten from META Real Estate Partners and Bank of America. This transaction marks a significant step in the development of the 320-unit property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$80,000,000.00
Monthly NOI$533,333.33
Monthly Debt Service$505,654.42
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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