Merchants Bank Of Indiana Provides $12.85M Bridge Loan For Multifamily Property In Hickory, NC

A multifamily property located at 1820 20th Ave. Drive NE in Hickory, NC has recently been involved in a closed transaction. The property spans a total of 139,992 square feet and consists of 148 units. The transaction took place on 10/29/2021.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $12,850,000
• Market: Hickory, NC
• Asset Type: Multifamily
• Square Footage: 139,992
• Units: 148

The loan for this transaction was provided by Merchants Bank of Indiana. The loan amount totaled $12,850,000 and it was a bridge loan. The loan terms included 80% of the purchase price, 100% of the capital expenditures, and a 3.30% interest-only rate. The broker representing the transaction was Jonathan Singer from Strategic Funding.