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Webster Bank Provides $90M Loan For LCOR's Multifamily Property In Philadelphia

Property Image
FINANCED
$90,000,000

Pennsylvania

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MultiFamily
Financed 11/16/2022
the dealdetailscomps
Property Image
FINANCED

Webster Bank Provides $90M Loan For LCOR's Multifamily Property In Philadelphia

1 Dock Street, Philadelphia, Pennsylvania 19106, United States

See Similar Deals
MultiFamily
Financed 11/16/2022
the dealdetailscomps

Summary

PENNSYLVANIA
Asset Type:MultiFamily
Transaction Type:Loan

A multifamily property located at 1 Dock Street in Philadelphia was recently involved in a closed transaction. The property consists of 267 units and is owned by LCOR. The transaction took place on November 16, 2022, with Webster Bank providing a loan amount of $90,000,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $90,000,000
  • Address: 1 Dock Street
  • Market: Philadelphia
  • Units: 267
  • Lender: Webster Bank
  • Landlord: LCOR

This transaction involves the collaboration between LCOR as the property owner and Webster Bank as the lender. The loan provided by Webster Bank will support the multifamily property at 1 Dock Street, adding value to the Philadelphia market.

Details

FINANCED
IMAGE: Anthony J. Barsanti DATE: 11/16/2022 ADDRESS: 1 Dock Street MARKET: Philadelphia ASSET TYPE: Multifamily ~ UNITS: 267 LENDER: Webster Bank LANDLORD: LCOR LOAN AMOUNT: $90,000,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$90,000,000.00

Monthly NOI$600,000.00
Monthly Debt Service$568,861.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00