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Bellco Federal Credit Union Provides $13M Refinance Loan For Garden View Apartments In Memphis
FINANCED
$13,000,000
Tennessee
See Similar DealsMultiFamily
Financed 08/01/2024
FINANCED
Bellco Federal Credit Union Provides $13M Refinance Loan For Garden View Apartments In Memphis
1033 Whitaker Drive & 1087 Whitaker Drive
See Similar DealsMultiFamily
Financed 08/01/2024
Summary
TENNESSEE
Asset Type:MultiFamily
Transaction Type:Loan
The asset involved in this transaction is a multifamily property located at 1033-1087 Whitaker Drive in Memphis, TN, comprising 156 units. A refinance loan amounting to $13,000,000 was secured for this property, reflecting a 7.25% interest rate over a ten-year term, including three years of interest-only payments.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $13,000,000
- Units: 156
- Lender: Bellco Federal Credit Union
- Brokers: Mendy Pfeifer & Motti Blau - Eastern Union
- Loan Type: Refinance
- Interest Rate: 7.25%
- Term: Ten years
- Interest-Only Period: Three years
The deal was facilitated by brokers Mendy Pfeifer and Motti Blau from Eastern Union, who arranged the refinancing for the Garden View Apartments, contributing their expertise to complete this transaction in the Memphis market.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$13,000,000.00
Monthly NOI$86,666.67
Monthly Debt Service$82,168.84
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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