Updated Oct 28, 2024
H.I.G. Capital Provides $85M Loan For 286-Unit Multifamily In Wilmington, NC
901 Nutt Street, Wilmington, NC 28401
$85,000,000
$406/SF
Building Size
209,088 SF
Asset Type
MultiFamily
Closing
Nov 16, 2021
About this deal
AI
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
Wilmington 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
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93