Updated Oct 28, 2024
Greystone Refinances 86-Unit Multifamily Property In Freeport With $3.88M Loan
1001 North Avenue J, Freeport, Texas 77541, United States
$3,880,000
$47/SF
Building Size
81,000 SF
Asset Type
MultiFamily
Closing
May 16, 2022
About this deal
AI
A multifamily property located at 1001 N Avenue J in Freeport has recently undergone a refinancing transaction. The property consists of 86 units spread over 81,000 square feet. The transaction was facilitated by greystone''>Greystone, with Dan Sacks and Ilan Bassali representing them as lenders. Freeport Meadows is the landlord of this property.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,880,000
- Loan Type: Refinance
- Loan Terms: HUD 223(f) 35 year term & amortization, low fixed rate
The key individuals involved in this deal were Dan Sacks and Ilan Bassali from Greystone, who acted as lenders for this refinancing transaction. They successfully completed the loan process for the property located at 1001 N Avenue J, Freeport. The loan amount for this transaction was $3,880,000, and it was a HUD 223(f) loan with a 35-year term and amortization period, offering a low fixed rate.
Players
Freeport MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.09%
Cash-on-Cash
-1.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93