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Fantini & Gorga Secures $3.3M Loan For Skydra Development's Warwick Development Site
FINANCED
$3,300,000
Rhode Island
See Similar DealsDevelopment Site
Financed 02/15/2024
FINANCED
Fantini & Gorga Secures $3.3M Loan For Skydra Development's Warwick Development Site
Warwick
See Similar DealsDevelopment Site
Financed 02/15/2024
Summary
RHODE ISLAND
Asset Type:Development Site
Transaction Type:Loan
Fantini & Gorga secured $3.3 million in financing for Skydra Development LLC to enable the development of 210 market-rate rental units near T.F. Green Airport in Warwick, RI. The loan amount of $3.3 million will support the construction of the development site.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $3,300,000
- Landlord: Skydra Development LLC
- Brokers: Casimir Groblewski & Colin Monahan - Fantini & Gorga
Casimir Groblewski and Colin Monahan from Fantini & Gorga played a crucial role in securing the financing for Skydra Development LLC. Their efforts allowed the development of the 210 market-rate rental units near T.F. Green Airport in Warwick, RI to move forward.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$3,300,000.00
Monthly NOI$22,000.00
Monthly Debt Service$20,858.24
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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