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Landmark Companies Obtains $45M Construction Loan For Arden At Corinth Multifamily Project

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FINANCED
$45,000,000

Victoria

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Development Site
Financed 06/13/2023
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FINANCED

Landmark Companies Obtains $45M Construction Loan For Arden At Corinth Multifamily Project

3451 Fm2181, Corinth, Texas

See Similar Deals
Development Site
Financed 06/13/2023
the dealplayerscompscontact
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Summary

Asset Type:Development Site
Transaction Type:Loan

The Arden at Corinth multifamily project in Texas has secured $45 million in construction financing. Developed by Landmark Companies and represented by William B. Spencer of Landmark Companies, this development site is set to feature 296 units and resort-style amenities. The construction loan, with a three-year term, will support the project's completion, with the first phase scheduled for delivery in Q1 2024.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $45,000,000
  • Address: 3451 FM2181, Corinth
  • Market: Corinth

Landmark Companies, led by William B. Spencer, was successful in obtaining the $45 million construction loan for the Arden at Corinth multifamily project. This loan will enable the development to progress as planned, providing much-needed housing options in the area. With its strategic location and desirable amenities, the Arden at Corinth is poised to make a positive impact on the local real estate market.

Details

FINANCED
IMAGE: William B. Spencer DATE: 06/13/2023 ADDRESS: 3451 FM2181 MARKET: Corinth ASSET TYPE: Development Site LANDLORD: Landmark Companies - William B. Spencer LOAN AMOUNT: $45,000,000 LOAN TYPE: Construction Loan LOAN TERMS: three-year NOTE: Landmark Companies has obtained $45 million in construction financing for the Arden at Corinth multifamily project in Texas. The development, featuring 296 units and resort-style amenities, is scheduled to deliver its first phase by Q1 2024.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$45,000,000.00

Monthly NOI$300,000.00
Monthly Debt Service$284,430.61
Change in Cash Flow$0.00
Refinance Proceeds$0.00