Updated Dec 4, 2024
Colliers Mortgage Secures $13.9M Construction Loan For Urban Village In Garland
240 East Interstate 30
$13,900,000
Units
104
Asset Type
Development Site
Closing
Jun 18, 2024
About this deal
AI
The loan transaction involved a $13.9 million HUD-insured construction loan facilitated by Colliers Mortgage for the development site located at 240 East Interstate 30 Freeway in Garland, Texas. The loan was obtained for the construction of Urban Village at Rosehill, a forthcoming 104-unit apartment complex featuring one- and two-bedroom units as well as amenities like a pool, dog park, business center, fitness center, and community room.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $13,900,000
- Address: 240 East Interstate 30 Freeway
- Market: Garland
- Loan Type: Construction Loan
- Broker: Jeff Rogers - Colliers Mortgage
The $13.9 million construction loan for the Urban Village at Rosehill project in Garland, Texas was secured through HUD’s 221(d)(4) program by Jeff Rogers on behalf of an undisclosed borrower.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.14%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93