Updated Oct 29, 2024
AOM Enterprises Acquires 142-Unit Multifamily Property In Corpus Christi, TX With PGIM Loan
1825 Airline Road
Units
142
Asset Type
MultiFamily
Closing
Dec 29, 2022
About this deal
AI
The multifamily property located at 1825 Airline Road in Corpus Christi, TX has been involved in a recent loan transaction. The property consists of 142 units and was the subject of an acquisition.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: Not mentioned in the context
- Loan Type: Acquisition
The acquisition of the 142-unit property was made possible through a 10-year fixed-rate loan. The loan terms include 5 years of interest-only payments, followed by a 35-year amortization period. The lender for this transaction was PGIM.
The property is owned by AOM Enterprises, and the broker representing the deal is Zach Lutwak-Fitzgerald from Black Bear Capital Partners.
Players
Corpus Christi 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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93