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The Salvation Army Secures $11M Loan For Upgrade Of Booth Residences In Cincinnati

Property Image
FINANCED
$11,000,000

Ohio

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Student Housing
Financed 11/29/2023
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Property Image
FINANCED

The Salvation Army Secures $11M Loan For Upgrade Of Booth Residences In Cincinnati

6000 Townvista Drive

See Similar Deals
Student Housing
Financed 11/29/2023
the dealplayerscompscontact
Contact now

Summary

OHIO
Asset Type:Student Housing
Transaction Type:Loan

The Salvation Army has secured $11 million in financing through a 35-year, fixed-rate loan to upgrade the 150-unit Booth Residences in College Hill, Cincinnati, OH. The loan is facilitated by JLL Capital Markets and backed by the Department of Housing and Urban Development.

Summary of transaction details

  • Property Type: Student Housing
  • Transaction Amount: $11,000,000
  • Units: 150
  • Lender: Department of Housing & Urban Development
  • Landlord: The Salvation Army
  • Broker: Anson Snyder - JLL
  • Loan Terms: 35-year, fixed-rate loan

Anson Snyder from JLL represented The Salvation Army in securing the loan for the Booth Residences. The property, located at 6000 Townvista Drive, will undergo upgrades with the financing provided.

Players

Anson Snyder
JLL
Anson Snyder
5 deals$48.9M volume(310) 407-2132
BROKER
US Department of Housing and Urban Development
US Department of Housing and Urban Development
LENDER
TA
The Salvation Army
LANDLORD

Details

FINANCED
IMAGE: Anson Snyder DATE: 11/29/2023 ADDRESS: 6000 Townvista Drive MARKET: Cincinnati, OH ASSET TYPE: Student Housing ~ UNITS: 150 LENDER: Department of Housing & Urban Development LANDLORD: The Salvation Army BROKER: Anson Snyder - JLL LOAN AMOUNT: $11,000,000 LOAN TERMS: 35-year, fixed-rate loan NOTE: The Salvation Army, owner of the 150-unit Booth Residences in College Hill, is set to upgrade the property, securing $11 million in financing through a 35-year, fixed-rate loan facilitated by JLL Capital Markets and backed by the Department of Housing and Urban Development.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$11,000,000.00

Monthly NOI$73,333.33
Monthly Debt Service$69,527.48
Change in Cash Flow$0.00
Refinance Proceeds$0.00