Updated Oct 29, 2024
Colliers Secures $27.1M Loan For $34M Multifamily Development In Philadelphia's Northern Liberties
933 Canal Street
$27,100,000
Units
124
Asset Type
MultiFamily
Closing
Aug 18, 2023
About this deal
AI
A $27.1 million construction loan has been secured by Colliers for a $34 million multifamily development in Philadelphia's Northern Liberties area. The development, located at 933 Canal Street, will consist of 124 units and is being undertaken by GY Properties.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $27,100,000
- Units: 124
- Address: 933 Canal Street
- Market: Philadelphia
The construction loan was obtained by Colliers on behalf of GY Properties for the multifamily development at 933 Canal Street. Bob Beckman from Colliers represented GY Properties in the transaction.
On the Map
$27,100,000
MultiFamily
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Players
Aberdeen Proving Ground MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93