Updated Mar 11, 2025
RFM Property Group Secures $8M Loan For Dallas Multifamily Property With Lender Progress Capital - Abe Mann
9727 Whitehurst Drive, Dallas, TX 75243, USA
$8,000,000
$8,888/SF
Building Size
900 SF
Asset Type
MultiFamily
Closing
Jul 1, 2020
About this deal
AI
The property involved in this transaction is a multifamily asset located at 9727 Whitehurst Dr in Dallas. The property consists of 98 units. The transaction took place on July 1, 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $8,000,000
- Loan Term: Three-year term plus two one-year extension options
- Loan-to-Cost Ratio: 78%
- Borrower: RFM Property Group
- Lender: Progress Capital - Abe Mann
Abe Mann, representing Progress Capital, served as the lender for this transaction. The loan amount provided was $8,000,000, with a loan-to-cost ratio of 78%. The loan term is for three years, with the option to extend for two additional one-year terms.
Players
Dallas 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
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93