Updated Oct 28, 2024
Wells Fargo Provides $12M Loan For 344-Unit Multifamily Portfolio In North Carolina, South Carolina
North Carolina, USA
$12,000,000
Units
344
Asset Type
MultiFamily
Closing
Aug 2, 2020
About this deal
AI
A 344-unit Multifamily Portfolio in North Carolina and South Carolina has recently secured a loan from Wells Fargo. The loan amount for this transaction is $12,000,000, with fixed terms of 3.25% for 7 years. Brian Anderson from Progress Capital represented the borrower as the broker in this deal.
Summary of transaction details:
- Property Type: 344-unit Multifamily Portfolio
- Transaction Amount: $12,000,000
- Lender: Wells Fargo
- Broker: Brian Anderson - Progress Capital
- Loan Terms: 3.25% Fixed for 7 Years
Brian Anderson from Progress Capital played a crucial role as the broker representing the borrower in securing this loan from Wells Fargo. This transaction demonstrates the significance of Anderson's expertise in navigating the financing process for multifamily properties.
Players
New Hill 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
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93