Updated Oct 28, 2024
Calmwater Capital Provides $8.34M Construction Loan For Industrial Property In Gastonia, NC
1651 Delta Drive, Gastonia, North Carolina 28052, United States
$8,340,000
$139/SF
Building Size
60,000 SF
Asset Type
Industrial
Closing
May 24, 2022
About this deal
AI
The 60,000 square foot industrial property located at 1651 Delta Drive in Gastonia, NC has been involved in a recent transaction. The deal was facilitated by Zach Lutwak-Fitzgerald from Black Bear Capital Partners.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $8,340,000
- Loan Type: Construction
- Date: 05/25/2022
- Market: Gastonia, NC
- Lender: Calmwater Capital
- Landlord: Exponential Equity
The transaction involved a construction loan provided by Calmwater Capital. The loan amount of $8,340,000 was used for the construction of a 597-unit self-storage center on the property. The loan has a 3-year floating rate with full-term interest-only payments.
Players
Gastonia Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.90%
Cash-on-Cash
-0.54%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93