Updated Dec 4, 2024
Pennybacker Capital Provides $42M Bridge Loan For Multifamily Property In Crowley, TX
305 West Fm 1187
$42,000,000
Units
270
Asset Type
MultiFamily
Closing
Oct 30, 2023
About this deal
AI
The multifamily property located at 305 West Fm 1187 in Crowley, TX has recently undergone a significant transaction. The property consists of 270 units and is owned by Landmark Companies. The property is valued at an estimated market value.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $42,000,000
- Lender: Pennybacker Capital
- Broker Representative: Jay Miller, Aj Felberbaum & Spencer Miller - BayBridge Real Estate Capital
In this deal, Landmark Companies secured a bridge loan of $42,000,000 from Pennybacker Capital. The loan will provide financial stability and support for the property. Jay Miller, Aj Felberbaum & Spencer Miller, representing BayBridge Real Estate Capital, served as the broker representatives in this transaction.
Players
Crowley 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
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93