WelcomeLend Acquires Multifamily Property In Philadelphia For $45.6M
FINANCED
$45,600,000
Pennsylvania
See Similar DealsMultiFamily174,306 SF
Financed 03/31/2022
FINANCED
WelcomeLend Acquires Multifamily Property In Philadelphia For $45.6M
3417 West Indiana Avenue, Philadelphia, Pennsylvania 19132, United States
See Similar DealsMultiFamily174,306 SF
Financed 03/31/2022
Summary
PENNSYLVANIA
Asset Type:MultiFamily
Price Per Square Foot:$261
Total Square Footage:174,306 SF
Transaction Type:Loan
A construction loan has been secured for a multifamily property located at 3417 W. Indiana Ave. in Philadelphia. The property spans approximately 174,306 square feet and consists of 177 units. The transaction took place on March 31, 2022.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $45,600,000
- Address: 3417 W. Indiana Ave., Philadelphia
- Market: Philadelphia
- Square Footage: 174,306
- Units: 177
The lender for this construction loan is Debt Fund, while the landlord is SPE. The deal was facilitated by Joshua Dormody and Cameron Huard of WelcomeLend, who represented the buyer and seller in the transaction.
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Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$45,600,000.00
Monthly NOI$304,000.00
Monthly Debt Service$288,223.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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