Fantini & Gorga Secures $3.3M Loan For Skydra Development's Warwick Development Site
Warwick
$3,300,000
Building Size
—
Asset Type
Development Site
Closing
Feb 15, 2024
AI
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.
Players
Warwick Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.81%
Cash-on-Cash
-1.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93