Updated Dec 21, 2023
Edward Brown - Scope Capital Group Secures $17.7M Construction Loan For Philadelphia Multifamily Property
21 East Columbia Avenue, Philadelphia, Pennsylvania 19125, United States
$17,700,000
Units
63
Asset Type
MultiFamily
Closing
Feb 23, 2022
About this deal
AI
Scope Capital Group, represented by Edward Brown, facilitated a closed transaction involving a multifamily property located at 21 E. Columbia Ave in Philadelphia. The property consists of 63 units and is part of the Philadelphia market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $17,700,000
- Loan Type: Construction Loan
- Loan Terms: 24-month term and an 80 percent loan-to-cost ratio
The loan provided for this transaction was worth $17,700,000 and was classified as a Construction Loan. The loan terms included a 24-month term and an 80 percent loan-to-cost ratio.
Edward Brown from Scope Capital Group acted as the broker representing the parties involved in this deal.
Players
Philadelphia 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
0.90%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93