SPI Advisory Secures $40M Acquisition Loan For 309-Unit Multifamily In Austin
609 Clayton Ln, Austin, TX, USA
$40,000,000
$30,888/SF
Building Size
1,295 SF
Asset Type
MultiFamily
Closing
Jun 13, 2021
AI
A multifamily property located at 609 Clayton Ln in Austin has been involved in a closed transaction. The property consists of 309 units and was acquired by SPI Advisory.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $40,000,000
- Loan Type: Acquisition
- Loan Terms: Five-year, floating rate loan
- Borrower: SPI Advisory
- Lender: Mesa West Capital
- Brokers: Andy Scott & Michael Cosby - JLL Capital Markets
The loan for this transaction was provided by Mesa West Capital. The loan amount was $40,000,000, and it was an acquisition loan with a term of five years and a floating interest rate. Andy Scott and Michael Cosby, representing JLL Capital Markets, acted as brokers in the deal.
Players
Austin 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
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93