The Preiss Company Secures $48M Acquisition Loan For Multifamily Property In Raleigh
FINANCED
$48,000,000
North Carolina
See Similar DealsMultiFamily265 SF
Financed 12/06/2021
FINANCED
The Preiss Company Secures $48M Acquisition Loan For Multifamily Property In Raleigh
Par Drive, Raleigh, North Carolina 27603, United States
See Similar DealsMultiFamily265 SF
Financed 12/06/2021
Summary
NORTH CAROLINA
Asset Type:MultiFamily
Price Per Square Foot:$181,132
Total Square Footage:265 SF
Transaction Type:Loan
The multifamily property located at 2805 Par Dr in Raleigh, NC has been involved in a recent loan transaction. The property sits on approximately 28 acres of land and consists of 265 units. The loan amount for this acquisition is $48,000,000, obtained through a five-year floating-rate loan.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $48,000,000
- Address: 2805 Par Dr, Raleigh, NC
- Market: Raleigh, NC
- Acres: 28
- Units: 265
The lender for this loan transaction is Mesa West Capital, with Russell Frahm and Pamir Niaz representing the lender. The Preiss Company is the landlord of the property. The brokers involved in this deal are Josh Davis and Chris Caison from Newmark.
Players
LENDER
LANDLORD
Details
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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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