Kevin Gould Of Colliers Mortgage Secures $55.9M Loan For Millennium Crest's Multifamily Project In Denton
6651 South Interstate 35e
$55,900,000
Units
245
Asset Type
Development Site
Closing
May 9, 2025
AI
The asset involved is a development site located at 6651 I35 E in Denton, TX. The property is under a loan agreement for the amount of $55,900,000, with a loan term structured for 40 years along with an amortization schedule.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $55,900,000
- Lender: Kevin Gould - Colliers Mortgage
- Landlord: Millennium Crest LP
- Market: Denton
- Loan Terms: 40-year term and amortization schedule
This transaction was arranged by Kevin Gould representing Colliers Mortgage on behalf of Millennium Crest LP, the developer associated with a 245-unit multifamily project in the market of Denton, TX.
Players
Denton Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93