Updated Oct 29, 2024
World Development Company (WDC) Secures $42M Loan For Multifamily Property In Edinburg
69 North I Street, Midland, TX 79701, USA
$42,000,000
Units
287
Asset Type
MultiFamily
Closing
Mar 22, 2021
About this deal
AI
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.
On the Map
$42,000,000
MultiFamily
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Players
Midland 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