Verde Communities Secures $78 Million Refinance From Citigroup For 8700 Broadway Street Multifamily Asset
FINANCED
$78,000,000
Texas
See Similar DealsMultiFamily1,655,471 SF
Financed 11/20/2024
FINANCED
Verde Communities Secures $78 Million Refinance From Citigroup For 8700 Broadway Street Multifamily Asset
8700 Broadway Street
See Similar DealsMultiFamily1,655,471 SF
Financed 11/20/2024
Summary
TEXAS
Asset Type:MultiFamily
Price Per Square Foot:$47
Total Square Footage:1,655,471 SF
Transaction Type:Loan
The property asset involved in this transaction is a multifamily development located at 8700 Broadway Street in Houston. The asset comprises 2,243 units and encompasses a total square footage of 1,655,471. The loan amount secured for this property is $78,000,000 through a refinance, with Citigroup acting as the lender.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $78,000,000
- Address: 8700 Broadway Street
- Market: Houston
- Units: 2,243
- Square Footage: 1,655,471
- Lender: Citigroup
- Landlord: Verde Communities
- Brokers: Firas Turkmani & Jordan Brustein - Ackman-Ziff
- Loan Type: Refinance
The deal involved the representation of Verde Communities by brokers Firas Turkmani and Jordan Brustein from Ackman-Ziff, who facilitated the refinance transaction with the lender Citigroup.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$78,000,000.00
Monthly NOI$520,000.00
Monthly Debt Service$493,013.06
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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