Sheridan Capital Provides $9.9M Bridge Loan For Multifamily Property On South Martin Luther King Drive
5230 Martin Luther King Jr Parkway, Beaumont, Texas 77705, United States
$9,900,000
Building Size
—
Asset Type
MultiFamily
Closing
Mar 3, 2022
AI
Located at 5230 South Martin Luther King Drive in Beaumont, TX, this multifamily property consists of 96 units. The transaction took place on 03/04/2022.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,900,000
- Market: Beaumont, TX
- Asset Type: Multifamily
- Units: 96
The lender for this transaction was Sheridan Capital, and the loan originator was Joe Fishman.
This bridge loan amounted to $9,900,000 and played a crucial role in facilitating the transaction.
Players
Beaumont 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
1.60%
Cash-on-Cash
-0.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93