Merchants Bank Of Indiana Provides $12.85M Bridge Loan For Multifamily Property In Hickory, NC | 1820 20th Avenue Drive Northeast | Merchants Bank of Indiana | Jonathan Singer | MultiFamily | Loan

Summary

Loan

NORTH CAROLINA

MultiFamily

139,992 sqft

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.

Players

All
2

Agents
1
Lenders
1

Jonathan Singer

Debt Placement Broker

Merchants Bank of Indiana

Details

Deal Summary

FINANCED

IMAGE: Jonathan Singer DATE: 10/29/2021 ADDRESS: 1820 20th Ave. Drive NE MARKET: Hickory, NC ASSET TYPE: Multifamily ~ SF: 139,992 ~ UNITS: 148 LENDER: Merchants Bank of Indiana BROKER: Jonathan Singer - Strategic Funding (@StrategicFundingNY) LOAN AMOUNT: $12,850,000 LOAN TYPE: Bridge loan LOAN TERMS: 80% of Purchase Price, 100% of Cap ex, 3.30% IO Rate

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Address1820 20th Avenue Drive Northeast

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