Provident Bank Provides $2.9M Refinance Loan For Philadelphia Multifamily Portfolio Acquisition
846 N. 44th St
$2,957,500
$181/SF
Building Size
16,267 SF
Asset Type
MultiFamily
Closing
Oct 21, 2022
AI
The multifamily property located at 846 N. 44th St, 961 N. 45th Street, 883 Belmont Avenue, 909 Belmont Avenue, and 947 Belmont Avenue in Philadelphia, PA has undergone a refinancing transaction. The property spans a total square footage of 16,267 and is owned by Allen Borovich.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,957,500
- Lender: Provident Bank
- Landlord: Allen Borovich
- Brokers: Will McKenna & Evan Boles - Progress Capital
- Loan Type: Refinance
The loan was provided by Provident Bank. The brokers involved in the transaction were Will McKenna and Evan Boles from Progress Capital, representing the parties in the 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
5.36%
Cash-on-Cash
-1.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93