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World Development Company (WDC) Secures $42M Loan For Multifamily Property In Edinburg

Property Image
FINANCED
$42,000,000
Yair Tilson
Baruch (BJ) Litwin
David Gibber

Texas

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MultiFamily
Financed 03/23/2021
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Property Image
FINANCED

World Development Company (WDC) Secures $42M Loan For Multifamily Property In Edinburg

69 North I Street, Midland, TX 79701, USA

See Similar Deals
MultiFamily
Financed 03/23/2021
Yair Tilson
Baruch (BJ) Litwin
David Gibber
the dealplayerscompscontact
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Summary

TEXAS
Asset Type:MultiFamily
Transaction Type:Loan

The multifamily property located at 4216 North, I-69C, Edinburg, was involved in a recent transaction.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $42,000,000
  • Units: 288
  • Loan Amount: $42,000,000
  • Loan Terms: 85 percent loan-to-cost, 3.25 percent interest rate, 40-year amortization schedule

The property was purchased by World Development Company (WDC), represented by David Salazar, while the loan was provided by Davis-Penn Mortgage. The brokers involved in the deal were Baruch Litwin and David Gibber from GLJ Real Estate, and Yair Tilson from Kay Finance.

Players

Baruch (BJ) Litwin
Baruch Litwin
3 deals$112.5M volume
BROKER
Yair Tilson
Yair Tilson
2 deals$78.6M volume
BROKER
David Gibber
David Gibber
1 deal$42M volume
BROKER

Details

FINANCED
IMAGE: Yair Tilson & Baruch Litwin, DATE: 03/23/2021 ADDRESS: 4216 North, I-69C MARKET: Edinburg ASSET TYPE: Multifamily LANDLORD: World Development Company (WDC) - David Salazar LENDER: Davis-Penn Mortgage BROKERS: Baruch Litwin & David Gibber - GLJ Real Estate, & Yair Tilson - Kay Finance UNITS: 288 LOAN AMOUNT: $42,000,000 LOAN TERMS: 85 percent loan-to-cost, with a 3.25 percent interest rate and a 40-year amortization schedule

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$42,000,000.00

Monthly NOI$280,000.00
Monthly Debt Service$265,468.57
Change in Cash Flow$0.00
Refinance Proceeds$0.00