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Urban Standard Capital Extends $8M Construction Loan For 555 Abranova Apartment Development In Durham
FINANCED
$8,000,000
North Carolina
See Similar DealsDevelopment Site
Financed 01/08/2024
FINANCED
Urban Standard Capital Extends $8M Construction Loan For 555 Abranova Apartment Development In Durham
555 Abranova Ave
See Similar DealsDevelopment Site
Financed 01/08/2024
Summary
NORTH CAROLINA
Asset Type:Development Site
Transaction Type:Loan
Urban Standard Capital, led by lender Seth Weissman, has extended an $8 million loan for the construction of 555 Abranova, an apartment development site located at 555 Abranova Ave in Durham, NC. The development is situated close to downtown and Research Triangle Park, making it an attractive location for potential residents.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $8,000,000
- Lender: Seth Weissman - Urban Standard Capital
- Landlord: Abraham Ng'hwani - Abranova Real Estate
Abraham Ng'hwani, representing Abranova Real Estate, is the landlord involved in the deal. The loan provided by Seth Weissman will support the construction of 555 Abranova, contributing to the growth of the local real estate market in Durham.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$8,000,000.00
Monthly NOI$53,333.33
Monthly Debt Service$50,565.44
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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