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Performance Properties Secures $20.1M Acquisition Loan For 268-Unit Multifamily In Houston

Property Image
FINANCED
$20,100,000

Texas

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MultiFamily942 SF
Financed 09/27/2021
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Property Image
FINANCED

Performance Properties Secures $20.1M Acquisition Loan For 268-Unit Multifamily In Houston

695 Normandy Street, Houston, TX 77015

See Similar Deals
MultiFamily942 SF
Financed 09/27/2021
the dealplayerscompscontact
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Summary

TEXAS
Asset Type:MultiFamily
Price Per Square Foot:$21,337
Total Square Footage:942 SF
Transaction Type:Loan

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.

Players

Cutt Ableson
Berkadia
Cutt Ableson
5 deals$20.1M volume
BROKER
Lightstone Group
Lightstone Group
LENDER
LC
Lightstone Capital
LENDER

Details

FINANCED
IMAGE: Cutt Ableson DATE: 09/27/2021 ADDRESS: 695 Normandy St MARKET: Houston ASSET TYPE: Multifamily ~ UNITS: 268 LENDER: Lightstone Capital BORROWER: Performance Properties BROKER: Cutt Ableson - Berkadia LOAN AMOUNT: $20,100,000 LOAN TYPE: Acquisition

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$20,100,000.00

Monthly NOI$134,000.00
Monthly Debt Service$127,045.67
Change in Cash Flow$0.00
Refinance Proceeds$0.00