SPI Advisory Secures $40M Acquisition Loan For 309-Unit Multifamily In Austin
FINANCED
$40,000,000
Texas
See Similar DealsMultiFamily1,295 SF
Financed 06/14/2021
FINANCED
SPI Advisory Secures $40M Acquisition Loan For 309-Unit Multifamily In Austin
609 Clayton Ln, Austin, TX, USA
See Similar DealsMultiFamily1,295 SF
Financed 06/14/2021
Summary
TEXAS
Asset Type:MultiFamily
Price Per Square Foot:$30,888
Total Square Footage:1,295 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$40,000,000.00
Monthly NOI$266,666.67
Monthly Debt Service$252,827.21
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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