Merchants Bank Of Indiana Provides $12.85M Bridge Loan For Multifamily Property In Hickory, NC
FINANCED
$12,850,000
North Carolina
See Similar DealsMultiFamily139,992 SF
Financed 10/29/2021
FINANCED
Merchants Bank Of Indiana Provides $12.85M Bridge Loan For Multifamily Property In Hickory, NC
1820 20th Avenue Drive Northeast, Hickory, NC, USA
See Similar DealsMultiFamily139,992 SF
Financed 10/29/2021
Summary
NORTH CAROLINA
Asset Type:MultiFamily
Price Per Square Foot:$91
Total Square Footage:139,992 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$12,850,000.00
Monthly NOI$85,666.67
Monthly Debt Service$81,220.74
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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