Updated Sep 5, 2024
S&T Bank Provides $2.99M Construction Loan For Multifamily Property In Philadelphia, PA
2223-2233 N. 33rd Street
$2,991,000
$139/SF
Building Size
21,400 SF
Asset Type
MultiFamily
Closing
Feb 27, 2023
About this deal
AI
The multifamily property located at 2223-2233 N. 33rd Street in Philadelphia, PA has been involved in a closed transaction. The property spans over 21,400 square feet and consists of 20 units. The transaction was financed by S&T Bank, with a construction loan amounting to $2,991,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,991,000
- Address: 2223-2233 N. 33rd Street, Philadelphia, PA
- Market: Philadelphia, PA
- Landlord: Joseph Spina & Kevin Mathisen
Eddie Miro of Progress Capital represented both parties as the broker 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
5.30%
Cash-on-Cash
-1.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93