SevenSeas Holdings LLC Acquires 286-Unit Multifamily Property In McKinney From Seneca Investments Of Addison
SOLD
$45,000,000
Texas
See Similar DealsMultiFamily
Sold 08/30/2022
SOLD
SevenSeas Holdings LLC Acquires 286-Unit Multifamily Property In McKinney From Seneca Investments Of Addison
7201 Henneman Way, McKinney, Texas 75070, United States
See Similar DealsMultiFamily
Sold 08/30/2022
Summary
TEXAS
Asset Type:MultiFamily
Transaction Type:Sale
A multifamily property located at 7201 Henneman Way in McKinney has been sold. The property consists of 286 units and was sold by Seneca Investments of Addison. The buyer, SevenSeas Holdings LLC, acquired the property. The transaction took place on August 30, 2022.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $45,000,000
- Address: 7201 Henneman Way, McKinney
- Seller: Seneca Investments of Addison
- Buyer: SevenSeas Holdings LLC
The deal was facilitated by CBRE, the broker representing both the buyer and the seller. The lender for the transaction was FS Credit Real Estate of New York, providing a loan of $45,000,000 to SevenSeas Holdings LLC.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,400,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$159,875.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$213,322.96
Annual Debt Service$2,559,875.50
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