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
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