Updated Oct 28, 2024
Greystone Provides $11M Refinance Loan For 224-Unit Multifamily Property In Houston
2505 Broadway Street, Houston, Texas 77012, United States
$11,044,000
$66/SF
Building Size
166,792 SF
Asset Type
MultiFamily
Closing
Sep 5, 2022
About this deal
AI
The property involved in this closed transaction is a multifamily asset located at 2505 Broadway St. in Houston. It consists of 224 units and spans a total square footage of 166,792. The transaction took place on September 6, 2022.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $11,044,000
- Market: Houston
- Lender: greystone''>Greystone
- Landlord: Broadway Park-SI LLC
- Broker: Bolder Capital
The loan for this transaction was provided by Greystone, represented by DJ Elefant & Dan Gillard. The loan amount was $11,044,000, and it was a refinance loan. The loan terms included a fixed-rate and non-recourse loan structure, with a 10-year term and 4 years of interest-only payments.
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
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93