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H.I.G. Capital Provides $85M Loan For 286-Unit Multifamily In Wilmington, NC

Property Image
FINANCED
$85,000,000

North Carolina

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MultiFamily209,088 SF
Financed 11/16/2021
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Property Image
FINANCED

H.I.G. Capital Provides $85M Loan For 286-Unit Multifamily In Wilmington, NC

901 Nutt Street, Wilmington, NC 28401

See Similar Deals
MultiFamily209,088 SF
Financed 11/16/2021
the dealplayerscompscontact
Contact now

Summary

NORTH CAROLINA
Asset Type:MultiFamily
Price Per Square Foot:$406
Total Square Footage:209,088 SF
Transaction Type:Loan

The multifamily property located at 901 Nutt Street in Wilmington, North Carolina has undergone a recent closed transaction. The property consists of 286 units and is part of the vibrant Wilmington market.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $85,000,000
  • Address: 901 Nutt Street, Wilmington, North Carolina
  • Market: Wilmington, North Carolina

The lender for this transaction was H.I.G. Capital, represented by Michael Mestel. The loan amount for this transaction was $85,000,000. Dewitt Carolinas served as the landlord for the property.

Players

H.I.G. Capital
H.I.G. Capital
LENDER
C
Carolinas
LANDLORD

Details

FINANCED
IMAGE: Michael Mestel DATE: 11/16/2021 ADDRESS: 901 Nutt Street MARKET: Wilmington, North Carolina ASSET TYPE: Multifamily ~ UNITS: 286 LENDER: H.I.G. Capital - Michael Mestel LANDLORD: Dewitt Carolinas LOAN AMOUNT: $85,000,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$85,000,000.00

Monthly NOI$566,666.67
Monthly Debt Service$537,257.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00