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Price Realty Secures $9.2M Acquisition Loan For Monticello Apartments In Fort Worth
FINANCED
$9,200,000
Texas
See Similar DealsMultiFamily
Financed 06/11/2024
FINANCED
Price Realty Secures $9.2M Acquisition Loan For Monticello Apartments In Fort Worth
154 North Bailey Avenue
See Similar DealsMultiFamily
Financed 06/11/2024
Summary
TEXAS
Asset Type:MultiFamily
Transaction Type:Loan
The 116-unit Monticello Apartments in Fort Worth, situated at 154 North Bailey Avenue and spanning 5 acres, were acquired by Michael Ochstein of Price Realty for $14.3 million. JLL facilitated a $9.2 million acquisition loan through Freddie Mac set to mature in 2029.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,200,000
- Units: 116
- Market: Fort Worth
- Landlord: Michael Ochstein - Price Realty
- Brokers: Aaron Craig, Blake Morrison, Bo Beidleman & John Brownlee - JLL
- Loan Type: Acquisition Loan
JLL, with brokers Aaron Craig, Blake Morrison, Bo Beidleman, and John Brownlee, arranged the $9.2 million loan for the acquisition of Monticello Apartments, in line with the ongoing trend of substantial investments in Fort Worth's Cultural District.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$9,200,000.00
Monthly NOI$61,333.33
Monthly Debt Service$58,150.26
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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