TDK Cos Secures $63.9 Million FHA Loan For The Reserve At Johnson City Multifamily Development
1084 West Oakland Avenue
$63,900,000
Building Size
—
Asset Type
MultiFamily
Closing
Jan 16, 2025
AI
The property asset involved in this transaction is a 288-unit multifamily apartment development located at 1084 West Oakland Avenue in Johnson City, TN, encompassing an area of 14.4 acres. The transaction includes a loan amounting to $63,900,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $63,900,000
- Units: 288
- Acres: 14.4
- Landlord: TDK Cos
- Brokers: David Strange & Keith Melton - Walker & Dunlop
- Market: Johnson City, TN
- Loan Date: 01/16/2025
The transaction was facilitated by Walker & Dunlop, who originated the $63.9 million FHA loan specifically for The Reserve at Johnson City. The brokers involved in this transaction are David Strange and Keith Melton, representing Walker & Dunlop in the deal.
Players
Johnson City 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
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93