Updated Oct 28, 2024
Blue Magma Residential Acquires 1,002-Unit Multifamily Property In Memphis For $82M
6860 Quince Road, Memphis, TN, USA
$82,000,000
$1,908/SF
Building Size
42,960 SF
Asset Type
MultiFamily
Closing
Aug 16, 2021
About this deal
AI
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
Memphis MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Deal FAQ
About $1.9K per square foot on a published $82M for 42,960 square feet (2021).
Visit Christopher (Chris) Apone to view all their deals.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93