Updated Oct 29, 2024
Hampstead Development Partners Secures $20.4M Loan For Acquisition Of Salem Manor
4085 Market Street Northeast Salem, Oregon 97301, USA
$20,400,000
Units
64
Asset Type
MultiFamily
Closing
Jul 25, 2023
About this deal
AI
Hampstead Development Partners has secured $20.4 million in financing for the acquisition and renovation of Salem Manor in Salem, Oregon. Located at 4085 Market St NE, Salem Manor is a 64-unit affordable housing community.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $20,400,000
- Lender: KeyBank Community Development Lending & Investment - John Paul Vachon, Matthew Haas & Hector Zuniga
- Landlord: Hampstead Development Partners
The loan for the acquisition was provided by KeyBank Community Development Lending & Investment, represented by John Paul Vachon, Matthew Haas, and Hector Zuniga. Hampstead Development Partners will utilize the funds to acquire and refurbish the affordable housing community, benefiting the residents of Salem Manor.
Players
Salem MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.78%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93