Provident Bank Provides $2.9M Refinance Loan For Philadelphia Multifamily Portfolio Acquisition
FINANCED
$2,957,500
Pennsylvania
See Similar DealsMultiFamily16,267 SF
Financed 10/21/2022
FINANCED
Provident Bank Provides $2.9M Refinance Loan For Philadelphia Multifamily Portfolio Acquisition
846 N. 44th St
See Similar DealsMultiFamily16,267 SF
Financed 10/21/2022
Summary
PENNSYLVANIA
Asset Type:MultiFamily
Price Per Square Foot:$181
Total Square Footage:16,267 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$2,957,500.00
Monthly NOI$19,716.67
Monthly Debt Service$18,693.41
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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