Updated Oct 28, 2024
Optimal Realty Capital Secures $7.3M Bridge Loan For Multifamily Property In Harker Heights
201 Lookout Ridge Blvd, Harker Heights, TX, USA
$7,285,000
$64/SF
Building Size
112,176 SF
Asset Type
MultiFamily
Closing
Jun 30, 2021
About this deal
AI
An undisclosed multifamily property located at 201 Lookout Ridge Blvd in Harker Heights has been involved in a closed transaction. The property, owned by Optimal Realty Capital, has secured a bridge loan from lument''>Lument. The loan, amounting to $7,285,000, is a non-recourse bridge loan with 75% loan-to-cost (LTC) ratio. The terms of the loan provide the necessary financing for the property.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $7,285,000
- Address: 201 Lookout Ridge Blvd, Harker Heights
- Market: Harker Heights
John Brickson from Old Capital represented the landlord, Optimal Realty Capital, in this transaction. His expertise in real estate finance played a vital role in securing the loan from Lument. The bridge loan provided by Lument will enable Optimal Realty Capital to pursue their investment goals for the multifamily property.
On the Map
$7,285,000
$64/SF
MultiFamily
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Harker Heights 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
2.18%
Cash-on-Cash
-0.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93