Trident Multifamily Secures $19M Loan For Acquisition Of Norman Multifamily Property
FINANCED
$19,000,000
Oklahoma
See Similar DealsMultiFamily264,000 SF
Financed 10/27/2022
FINANCED
Trident Multifamily Secures $19M Loan For Acquisition Of Norman Multifamily Property
1111 Oak Tree Avenue
See Similar DealsMultiFamily264,000 SF
Financed 10/27/2022
Summary
OKLAHOMA
Asset Type:MultiFamily
Price Per Square Foot:$72
Total Square Footage:264,000 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$19,000,000.00
Monthly NOI$126,666.67
Monthly Debt Service$120,092.92
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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