Stratus Properties Secures $56.8M Construction Loan For Multifamily Project In Austin
FINANCED
$56,800,000
Texas
See Similar DealsMultiFamily
Financed 07/29/2022
FINANCED
Stratus Properties Secures $56.8M Construction Loan For Multifamily Project In Austin
7113 Burnet Road, Austin, Texas 78757, United States
See Similar DealsMultiFamily
Financed 07/29/2022
Summary
TEXAS
Asset Type:MultiFamily
Transaction Type:Loan
The multifamily property located at 7113 Burnet Road in Austin has been involved in a closed transaction. The property consists of 316 units and was the subject of a construction loan.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $56,800,000
- Loan Type: Construction Loan
- Loan Terms: Four-year loan
Comerica Bank provided a loan amount of $56,800,000 for the construction of the property. The lender assisted in financing the development of the multifamily project. Stratus Properties, represented by William H. Armstrong III, served as the landlord in this transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$56,800,000.00
Monthly NOI$378,666.67
Monthly Debt Service$359,014.64
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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