Eric Brody Arranges $2.4M Construction Loan For Multifamily Asset In Charlotte
FINANCED
$2,400,000
North Carolina
See Similar DealsMultiFamily20,000 SF
Financed 07/01/2024
FINANCED
Eric Brody Arranges $2.4M Construction Loan For Multifamily Asset In Charlotte
612 East 16th Street & 614 East 16th Street
See Similar DealsMultiFamily20,000 SF
Financed 07/01/2024
Summary
NORTH CAROLINA
Asset Type:MultiFamily
Price Per Square Foot:$120
Total Square Footage:20,000 SF
Transaction Type:Loan
The multifamily property located at 612-614 East 16th Street in Charlotte, NC, spans 10,000 square feet and consists of 7 units. The construction loan for this property amounted to $2,400,000 and was provided by Erik Eichinger from I Fund Cities. The brokerage representation in this deal was handled by Eric Brody from Anax Real Estate Partners.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,400,000
- Market: Charlotte, NC
- Asset Size: 10,000 SF
- Number of Units: 7
- Lender: Erik Eichinger - I Fund Cities
- Broker: Eric Brody - Anax Real Estate Partners
- Loan Type: Construction
Erik Eichinger of I Fund Cities provided the construction loan worth $2,400,000 for the multifamily property. Representing the deal from the brokerage side was Eric Brody of Anax Real Estate Partners.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$2,400,000.00
Monthly NOI$16,000.00
Monthly Debt Service$15,169.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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