IPA Capital Markets Arranges $30.5M Financing For Brooks North Apartments, Greensboro
4005 Church Street
$30,500,000
Building Size
—
Asset Type
MultiFamily
Closing
Jul 2, 2024
AI
The Brooks North Apartments, a 340-unit development located at 4005 Church Street in Greensboro, NC, secured $30.5 million in construction financing. The loan was arranged by IPA Capital Markets, emphasizing the substantial investment in this multifamily asset.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $30,500,000
- Market: Greensboro, NC
- Units: 340
- Broker: Frank Montalto - Marcus & Millichap
- Loan Type: Construction
Frank Montalto from Marcus & Millichap played a crucial role as the broker in this deal, facilitating the financing arrangement for the development. The partnership between IPA Capital Markets and the property developers underscores the collaborative effort behind securing the necessary funding for Brooks North Apartments.
Greensboro MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.52%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93