Updated Oct 28, 2024
Stratus Properties Secures $56.8M Construction Loan For Multifamily Project In Austin
7113 Burnet Road, Austin, Texas 78757, United States
$56,800,000
Units
316
Asset Type
MultiFamily
Closing
Jul 28, 2022
About this deal
AI
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.
On the Map
$56,800,000
MultiFamily
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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
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93