Newmark Brokers $48M Construction Loan For Multifamily Project In Arden, NC
FINANCED
$48,000,000
North Carolina
See Similar DealsMultiFamily311,631 SF
Financed 05/25/2023
FINANCED
Newmark Brokers $48M Construction Loan For Multifamily Project In Arden, NC
2177 Brevard Rd Arden, NC 28704, USA
See Similar DealsMultiFamily311,631 SF
Financed 05/25/2023
Summary
NORTH CAROLINA
Asset Type:MultiFamily
Price Per Square Foot:$154
Total Square Footage:311,631 SF
Transaction Type:Loan
The multifamily property located at 2177 Brevard Road in Arden, NC has undergone a closed transaction involving a construction loan. The property spans a total area of 311,631 square feet and comprises 319 units. The loan amount for this transaction was $48,000,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $48,000,000
- Address: 2177 Brevard Road, Arden, NC
- Market: Arden, NC
- Asset Type: Multifamily
- Square Feet: 311,631
- Units: 319
The lender for this transaction was Wintrust, represented by Al Weel and Brian Harrigan. The landlords involved in the deal were URS, represented by Chris Urso and Chris Gorman, as well as Advantis, represented by Richard Zahn and Navish Chawla. The brokers responsible for facilitating the transaction were Jordan Roeschlaub, Dustin Stolly, and Daniel Matz from Newmark.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$48,000,000.00
Monthly NOI$320,000.00
Monthly Debt Service$303,392.65
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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