Updated Dec 4, 2024
Eric Brody Arranges $2.4M Construction Loan For Multifamily Asset In Charlotte
612 East 16th Street & 614 East 16th Street
$2,400,000
$120/SF
Building Size
10,000 SF
Asset Type
MultiFamily
Closing
Jul 1, 2024
About this deal
AI
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.
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
6.61%
Cash-on-Cash
-1.89%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93