Meridian Capital Group Represents Acquisition Of Multifamily Property On Westheimer Rd In Houston
FINANCED
$38,188,000
Texas
See Similar DealsMultiFamily280,344 SF
Financed 08/27/2021
FINANCED
Meridian Capital Group Represents Acquisition Of Multifamily Property On Westheimer Rd In Houston
13328 Westheimer Road, Houston, TX 77077, USA
See Similar DealsMultiFamily280,344 SF
Financed 08/27/2021
Summary
TEXAS
Asset Type:MultiFamily
Price Per Square Foot:$136
Total Square Footage:280,344 SF
Transaction Type:Loan
The multifamily property located at 13328 Westheimer Rd in Houston was recently involved in a loan transaction. The property consists of 300 units with a total square footage of 280,344.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $38,188,000
- Date: 08/27/2021
- Lender: Limekiln Real Estate Investment
- Landlord: Ian Djuric
- Brokers: Nina Russo & Jonathan Zilber - Meridian Capital Group
- Loan Type: Acquisition
- Loan Terms: Bridge Financing, 80% LTC, 3+1+1 term, 3.4% interest only
The loan amount for this transaction was $38,188,000. The loan provided bridge financing with an 80% loan-to-cost ratio. The loan term was structured as 3+1+1, with the first three years having 3.4% interest-only payments.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$38,188,000.00
Monthly NOI$254,586.67
Monthly Debt Service$241,374.14
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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