Updated Nov 28, 2024
Goldman Sachs, Bank Of America, And Société Générale Provide $1.2B Loan For Multifamily Properties In Texas, Georgia, North Carolina, Arizona, Florida, Ohio, And Colorado
Texas, USA
$1,200,000,000
Units
6,410
Asset Type
MultiFamily
Closing
Nov 22, 2021
About this deal
AI
The recent transaction involves the recapitalization of 17 multifamily properties located in Texas, Georgia, North Carolina, Arizona, Florida, Ohio, and Colorado. The properties collectively consist of 6,410 units, making it a substantial investment in the multifamily asset class.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $1,200,000,000
- Market: Texas, Georgia, North Carolina, Arizona, Florida, Ohio, and Colorado
- Lenders: Goldman Sachs, Bank of America, and Société Générale
The borrower and landlord involved in the deal are Blackstone Real Estate Income Trust and Cortland, respectively. The transaction was facilitated by brokers Jordan Roeschlaub and Dustin Stolly from Newmark.
The loan provided for the recapitalization is worth $1,200,000,000 and comes with a two-year term. It is structured as an interest-only loan with a floating interest rate.
On the Map
$1,200,000,000
MultiFamily
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Players
Winters 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
0.01%
Cash-on-Cash
-0.00%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93