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Robert Budman Of The BLVD Group Acquires Rock Ridge Apartments In Woonsocket For $56.5M
FINANCED
$56,500,000
Rhode Island
See Similar DealsMultiFamily
Financed 06/13/2025
FINANCED
Robert Budman Of The BLVD Group Acquires Rock Ridge Apartments In Woonsocket For $56.5M
121 Rock Ridge Drive
See Similar DealsMultiFamily
Financed 06/13/2025
Summary
RHODE ISLAND
Asset Type:MultiFamily
Transaction Type:Loan
The asset involved in the transaction is a multifamily property located at 121 Rock Ridge Drive in Woonsocket, RI. This project consists of 152 units. It was financed with a loan amount of $56,500,000 intended for acquisition purposes.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $56,500,000
- Lender: Michael Dury - Merchants Capital
- Landlord: Robert Budman - The BLVD Group
- Loan Type: Acquisition
- Market: Woonsocket, RI
- Asset Units: 152
The financing was closed by Merchants Capital, which facilitated the acquisition and renovation of Rock Ridge Apartments for The BLVD Group. This loan supports the development of affordable housing in the specified area.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$56,500,000.00
Monthly NOI$376,666.67
Monthly Debt Service$357,118.43
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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