Sheridan Capital Provides $21.25M Bridge Loan For Spartanburg Multifamily Property
408 Abner Road, Spartanburg, South Carolina 29301, United States
$21,250,000
Building Size
—
Asset Type
MultiFamily
Closing
Feb 27, 2022
AI
The multifamily property located at 408 Abner Rd in Spartanburg, SC has been involved in a closed transaction. This property consists of 312 units and was part of a loan deal.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $21,250,000
- Date: 02/28/2022
- Lender: Sheridan Capital
- Broker: Joe Fishman - FM Capital
Joe Fishman from FM Capital represented the parties involved in this loan transaction. The loan amount was $21,250,000, and it was a bridge loan type.
Players
Spartanburg 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
0.75%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93