Updated Mar 11, 2025
Colliers Mortgage Provides $29M Loan To Refinance DeSoto Multifamily Property
120 South Westmoreland Road
$29,000,000
Units
194
Asset Type
MultiFamily
Closing
Jun 27, 2023
About this deal
AI
The Beacon on Westmoreland, a 194-unit multifamily property located at 120 South Westmoreland Road in DeSoto, Texas, has undergone a $29 million HUD-insured loan refinance. The loan, provided by Colliers Mortgage and originated by Fritz Waldvogel, supports the modern complex's amenities, which include a pool, fitness center, and dog park.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $29,000,000
- Loan Type: Refinance
- Loan Terms: 35-year
- Lender: Colliers Mortgage - Fritz Waldvogel
The loan from Colliers Mortgage, facilitated by Fritz Waldvogel, has played a crucial role in refinancing The Beacon on Westmoreland. The 35-year loan enables the property to continue offering its residents a wide array of modern amenities. As a result, the multifamily property remains an appealing choice for potential tenants in the DeSoto market.
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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