Updated Dec 4, 2024
Asher Bittman Of Sheridan Capital Provides $8.75M Bridge Loan For North Charleston Multifamily Property
7582 Stafford Road
$8,750,000
$70/SF
Building Size
125,000 SF
Asset Type
MultiFamily
Closing
Sep 23, 2024
About this deal
AI
The property asset involved in this transaction is a multifamily building located at 7582 Stafford Road, North Charleston, SC. The asset spans 125,000 square feet and consists of 112 units, positioning it as a significant player in the local market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $8,750,000
- Loan Type: Bridge
- Lender: Asher Bittman - Sheridan Capital
- Broker: Stu Thomas - Colliers
Asher Bittman represented Sheridan Capital in the lending aspect of this transaction, while Stu Thomas from Colliers acted as the broker facilitating the deal. Their involvement highlights the professional partnerships that drive transactions in the multifamily sector.
Players
Charleston 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
1.81%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93