Updated Dec 4, 2024
Walker & Dunlop Secures $62M Loan For Multifamily Development In Columbia
112 Council Loop
$62,000,000
Units
308
Asset Type
MultiFamily
Closing
May 7, 2024
About this deal
AI
The $62 million financing secured by Walker & Dunlop is for the construction of Burnside Farms Apartments, a 308-unit multifamily development located at 112 Council Loop in Columbia, SC.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $62,000,000
- Units: 308
- Landlord: South Coast Property Investments & Abacus Capital
- Brokers: Cliff Ayers, Jamie Butler, Jason McFadden & Michael Bowles - Walker & Dunlop
Cliff Ayers, Jamie Butler, Jason McFadden, and Michael Bowles from Walker & Dunlop were the brokers who facilitated the $62 million construction loan for the Burnside Farms Apartments project in Columbia, SC.
Players
Columbia MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93