Updated Sep 2, 2025
Cerco Lends $30 Million For 222-Unit Multifamily Property At 3000 Gloryland Avenue In Charlotte
3000 Gloryland Avenue
$30,000,000
Units
222
Asset Type
MultiFamily
Closing
Aug 14, 2025
About this deal
AI
The transaction involves a multifamily asset located at 3000 Gloryland Avenue in Charlotte, NC, consisting of 222 units. The loan amount secured for this asset totals $30,000,000 under a note on note financing structure.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $30,000,000
- Lender: Cerco
- Note Buyer: Chris Dornin - Dornin Investment Group
- Brokers: Michael Winter, James Murad, Adam Hakim, Alexander Korolik & Evan Brudnicki - Ripco
- Transaction Date: 8/15/2025
This transaction highlights the involvement of key professionals, including Chris Dornin representing Dornin Investment Group and the brokerage team from Ripco, which includes Michael Winter, James Murad, Adam Hakim, Alexander Korolik, and Evan Brudnicki.
On the Map
$30,000,000
MultiFamily
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Players
Charlotte MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93