Legacy Multifamily Development And RISE Residential Construction Secure $28.9M Construction Loan For Fort Worth Residential Project
8101 North Riverside Drive, Fort Worth, TX, USA
$28,900,000
$61/SF
Building Size
473,297 SF
Asset Type
Co-Op
Closing
Mar 17, 2021
AI
8101 North Riverside Drive in Fort Worth has been involved in a recent closed transaction. The residential property consists of 264 units and was the subject of a loan deal. Legacy Multifamily Development and RISE Residential Construction served as the landlords, while Bellwether Enterprise Real Estate Capital provided the loan.
Summary of transaction details
- Property Type: Residential
- Transaction Amount: $28,900,000
- Address: 8101 North Riverside Drive
- Market: Fort Worth
- Units: 264
The brokers representing the loan deal were Phil Melton, Jeff Bradley, and Cindy Hamm from Bellwether Enterprise Real Estate Capital. They facilitated the loan agreement between the landlords and the lender. The loan, valued at $28,900,000, was a construction loan, allowing for the development or improvement of the residential property.
Players
Fort Worth Co-Op Market Snapshot
Boundary boundary · Co-Op · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93