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City National Bank Of Florida And Abanca Provide $47M Construction Loan For Fayetteville Multifamily Property

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FINANCED
$47,000,000
Brad Williamson
Mitch Sinberg
Matthew (Matt) Robbins
+ 1

North Carolina

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MultiFamily
Financed 07/12/2023
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Property Image
FINANCED

City National Bank Of Florida And Abanca Provide $47M Construction Loan For Fayetteville Multifamily Property

3680 Elk Rd Hope Mills, NC 28348, USA

See Similar Deals
MultiFamily
Financed 07/12/2023
Brad Williamson
Mitch Sinberg
Matthew (Matt) Robbins
+ 1
the dealplayerscompscontact
Contact now

Summary

NORTH CAROLINA
Asset Type:MultiFamily
Transaction Type:Loan

A $47 million floating rate construction loan has been provided by City National Bank of Florida with Abanca for the development project located at 3680 Elk Road in Fayetteville, NC. The asset type of this project is MultiFamily consisting of 360 units.

Summary of transation details

Berkadia, represented by Mitch Sinberg, Brad Williamson, Matthew Robbins, and Scott Wadler, acted as the landlord's representative in this deal. The $47 million floating rate construction loan was provided by City National Bank of Florida with Abanca to finance the project.

Players

Brad Williamson
Berkadia
Brad Williamson
107 deals$6.8B volume(786) 646-2580
BROKER
Mitch Sinberg
Berkadia
Mitch Sinberg
131 deals$8.3B volume(561) 609-4006
BROKER
Matthew (Matt) Robbins
Berkadia
Matthew Robbins
113 deals$6.8B volume
BROKER
Scott Wadler
Berkadia
Scott Wadler
160 deals$9.8B volume
BROKER
City National Bank of Florida
City National Bank of Florida
LENDER
One Real Estate Investment
One Real Estate Investment
LANDLORD

Details

FINANCED
IMAGE: Matthew Robbins, Mitch Sinberg, Brad Williamson & Scott Wadler DATE: 07/12/2023 ADDRESS: 3680 Elk Road MARKET: Fayetteville, NC ASSET TYPE: MultiFamily ~ UNITS: 360 LENDER: City National Bank Of Florida With Abanca LANDLORD: One Real Estate Investment LANDLORD'S REP: Mitch Sinberg, Brad Williamson, Matthew Robbins & Scott Wadler - Berkadia LOAN AMOUNT: $47,000,000 LOAN TYPE: Construction LOAN TERMS: City National Bank of Florida with Abanca provided the $47 million floating rate construction loan for the project.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$47,000,000.00

Monthly NOI$313,333.33
Monthly Debt Service$297,071.97
Change in Cash Flow$0.00
Refinance Proceeds$0.00