Trident Multifamily Secures $19M Loan For Acquisition Of Norman Multifamily Property
1111 Oak Tree Avenue
$19,000,000
$72/SF
Building Size
264,000 SF
Asset Type
MultiFamily
Closing
Oct 27, 2022
AI
Trident Multifamily has acquired a multifamily property located at 1111 Oak Tree Avenue in Norman, OK. The property spans 264,000 square feet and consists of 254 units. The acquisition was made possible by a $19,000,000 loan provided by Simmons Bank at a rate of 5.75%.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $19,000,000
- Address: 1111 Oak Tree Avenue, Norman, OK
- Market: Norman, OK
- Lender: Simmons Bank
- Landlord: Trident Multifamily
- Brokers: Jeff Santoro & Chris Mullaly - Spirus Capital Partners
- Loan Type: Acquisition
- Loan Terms: 5.75% rate
Jeff Santoro and Chris Mullaly from Spirus Capital Partners represented Trident Multifamily as brokers in this transaction.
Players
Norman 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
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93