Updated Oct 28, 2024
Cumby Group Acquires Development Site For 147 Units In East Austin With $37M Construction Loan From RMWC
3219 Manor Road, Austin, Texas 78723, United States
$37,000,000
Units
147
Asset Type
Development Site
Closing
Apr 20, 2022
About this deal
AI
The development site located at 3219 Manor Road in East Austin has been sold in a closed transaction. The property spans 1.6 acres and consists of 147 units. The transaction took place on 04/21/2022.
Summary of transaction details
- Property Type: Development Site
- Address: 3219 Manor Road
- Market: East Austin
- Units: 147
- Acres: 1.6
The lender, rmwc''>RMWC, provided a construction loan of $37,000,000 for the transaction. The landlord of the property is Cumby Group. Mark Niman from BayBridge Real Estate Capital represented the buyer as the broker in the deal.
On the Map
$37,000,000
Development Site
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Players
Austin Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93