Optimal Realty Capital Secures $7.3M Bridge Loan For Multifamily Property In Harker Heights
FINANCED
$7,285,000
Texas
See Similar DealsMultiFamily112,176 SF
Financed 07/01/2021
FINANCED
Optimal Realty Capital Secures $7.3M Bridge Loan For Multifamily Property In Harker Heights
201 Lookout Ridge Blvd, Harker Heights, TX, USA
See Similar DealsMultiFamily112,176 SF
Financed 07/01/2021
Summary
TEXAS
Asset Type:MultiFamily
Price Per Square Foot:$64
Total Square Footage:112,176 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,285,000.00
Monthly NOI$48,566.67
Monthly Debt Service$46,046.16
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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