Updated Dec 4, 2024
Performance Properties Secures $20.1M Acquisition Loan For 268-Unit Multifamily In Houston
695 Normandy Street, Houston, TX 77015
$20,100,000
$21,337/SF
Building Size
942 SF
Asset Type
MultiFamily
Closing
Sep 27, 2021
About this deal
AI
A multifamily property with 268 units located at 695 Normandy St in Houston has been involved in a recent closed transaction. The transaction took place on 09/27/2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $20,100,000
- Address: 695 Normandy St
- Market: Houston
- Lender: Lightstone Capital
- Borrower: Performance Properties
- Broker: Cutt Ableson - Berkadia
- Loan Type: Acquisition
The borrower, Performance Properties, secured a loan amount of $20,100,000 from Lightstone Capital for the acquisition of the multifamily property. Cutt Ableson from Berkadia acted as the broker representing the borrower in this deal.
On the Map
$20,100,000
$21,337/SF
MultiFamily
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Players
Houston 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
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93