Trevian Capital Provides $28.75M Refinance Loan For Multifamily Development In Durham, NC
$28,750,000
$160/SF
Building Size
179,000 SF
Asset Type
MultiFamily
Closing
Sep 27, 2024
AI
The property asset involved in this transaction is a multifamily development located in Durham, NC, comprising 168 units with a total square footage of 179,000. The loan amount for the refinancing is $28,750,000, with fixed-rate loan terms of 2 + 1.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $28,750,000
- Lender: Michael Hoffenberg & Charlie Zabriskie - Trevian Capital
- Broker: Ross Mezzo - Global Advisory Firm
- Loan Type: Refinance
- Loan Terms: Fixed Rate 2 + 1
Trevian Capital provided construction completion and lease-up financing to a local developer in Durham, NC, representing their skills in facilitating multifamily financing. The role of the broker in this transaction was undertaken by Ross Mezzo from Global Advisory Firm, contributing to the successful completion of this refinancing deal.
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
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93