Updated Mar 11, 2025
Open Door Investments Secures $5.6M Bridge Loan For Multifamily Property In Fort Worth
2901 Market Avenue, Fort Worth, TX, USA
$5,575,000
$6,194/SF
Building Size
900 SF
Asset Type
MultiFamily
Closing
Apr 22, 2020
About this deal
AI
Open Door Investments has secured a bridge loan of $5,575,000 for a multifamily property located at 2901 Remington St in Fort Worth. The loan, provided by ReadyCap, covers 75% of the loan-to-cost (LTC) and is non-recourse. This financing arrangement allows for greater flexibility and a shorter term, which is ideal for the transitional nature of the property.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $5,575,000
- Address: 2901 Remington St
- Market: Fort Worth
The broker representing Open Door Investments in this deal is John Brickson from Old Capital, who played a pivotal role in facilitating the loan. John Brickson's expertise and experience in the market helped negotiate the terms of the bridge loan with ReadyCap, ensuring a successful transaction for Open Door Investments.
Players
Fort Worth MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit John Brickson to view all their deals.
Browse Texas multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.85%
Cash-on-Cash
-0.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93