Updated Dec 19, 2023
NorthMarq Brokers $32M Refinance Loan For 500-unit Multifamily Property In Houston
1776 Gessner Road, Houston, TX, USA
$32,000,000
$37,647/SF
Building Size
850 SF
Asset Type
MultiFamily
Closing
Aug 6, 2020
About this deal
AI
NorthMarq brokered a refinancing deal for a multifamily property located at 1776 Gessner Road in Houston. The property consists of 500 units and was involved in a closed transaction on 08/06/2021. The loan amount for the deal was $32,000,000. The loan is a fixed-rate loan with a seven-year term and two years of interest-only payments. The loan has a 25-year amortization schedule.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $32,000,000
- Address: 1776 Gessner Road
- Market: Houston
- Units: 500
Jeffrey Weidell provided an image for the transaction, which can be found on Instagram at this link.
Players
Houston 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
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93