Waypoint Residential Secures $30M Loan For Charlotte MultiFamily Property
$30,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Sep 6, 2023
AI
Waypoint Residential has secured $30 million in construction financing for its 240-unit Mountain Island multifamily community in Charlotte, N.C. The property is located at Garron Point Dr & Larne Town Ct and is classified as a MultiFamily asset. The loan was provided by United Bank.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $30,000,000
- Units: 240
The landlord of the Mountain Island multifamily community is Scott Lawlor, representing Waypoint Residential. The brokers involved in the deal are Dan Kearns, Gregg Shapiro, Jovi Rodriguez, Sam Tarter, Taylor Allison, and Travis Anderson, all from JLL.
Players
Market 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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93