Blue Magma Residential Acquires 1,002-Unit Multifamily Property In Memphis For $82M
FINANCED
$82,000,000
Tennessee
See Similar DealsMultiFamily42,960 SF
Financed 08/16/2021
FINANCED
Blue Magma Residential Acquires 1,002-Unit Multifamily Property In Memphis For $82M
6860 Quince Road, Memphis, TN, USA
See Similar DealsMultiFamily42,960 SF
Financed 08/16/2021
Summary
TENNESSEE
Asset Type:MultiFamily
Price Per Square Foot:$1,908
Total Square Footage:42,960 SF
Transaction Type:Loan
Blue Magma Residential has acquired a multifamily property located at 6860 Quince Road in Memphis. The property consists of 1,002 units and was part of an acquisition deal.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $82,000,000
- Address: 6860 Quince Road, Memphis
- Market: Memphis
- Units: 1,002
The loan for this acquisition was provided by Arbor Realty Trust, in the amount of $82,000,000. The loan is non-recourse and has a floating interest rate. It has a term of three years, with interest-only payments, and includes two one-year extension options. Charles Foschini from Berkadia and Christopher Apone were the brokers representing Blue Magma Residential in this deal.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$82,000,000.00
Monthly NOI$546,666.67
Monthly Debt Service$518,295.78
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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