Merchants Bank Of Indiana Provides $16M Bridge Loan For Multifamily Property
FINANCED
$16,025,000
North Carolina
See Similar DealsMultiFamily116,016 SF
Financed 10/29/2021
FINANCED
Merchants Bank Of Indiana Provides $16M Bridge Loan For Multifamily Property
4250 Branch Bend Lane, Charlotte, NC 28273
See Similar DealsMultiFamily116,016 SF
Financed 10/29/2021
Summary
NORTH CAROLINA
Asset Type:MultiFamily
Price Per Square Foot:$138
Total Square Footage:116,016 SF
Transaction Type:Loan
Located at 4250 Branch Bend Ln. in Charlotte, NC, this multifamily property encompasses a total square footage of 116,016 and consists of 120 units. The transaction took place on October 29, 2021, and was completed with the assistance of Jonathan Singer from Strategic Funding.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $16,025,000
- Loan Amount: $16,025,000
- Loan Type: Bridge loan
- Loan Terms: 80% of Purchase Price, 100% of Cap ex, 3.30% IO Rate
Merchants Bank of Indiana provided the loan of $16,025,000 for this transaction. The loan terms include 80% of the purchase price and 100% of the capital expenditure, with a 3.30% interest-only rate. Jonathan Singer from Strategic Funding represented the buyer as their broker in this deal.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$16,025,000.00
Monthly NOI$106,833.33
Monthly Debt Service$101,288.90
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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