Deacon Development Secures $22 Million Construction Loan For The Citizen In Salem, OR
277 High Street Northeast
$22,000,000
Building Size
—
Asset Type
Development Site
Closing
Dec 10, 2025
AI
The transaction involves a development site located at 277 High Street Northeast in Salem, OR. The asset type is designated for development and is part of a construction project for a 105-unit apartment community known as The Citizen. The project is funded through a construction loan of $22,000,000 with terms set for 36 months.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $22,000,000
- Loan Type: Construction
- Loan Terms: 36-month
- Landlord: Deacon Development
- Brokers: Daniel (Danny) Natsch & Matthew (Matt) Illias - Ethos Commercial Advisors
- Completion Expected: Spring 2027
Ethos Commercial Advisors, represented by Daniel Natsch and Matthew Illias, secured the construction loan to support Deacon Development's initiative for the apartment community. The loan will facilitate the project's financing and is aimed at ensuring timely completion by spring 2027.
Players
Salem Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93