$29.8M Construction Loan Secured For Multifamily Property In Richmond, VA
103 East 2nd Street, Richmond, Virginia 23224, United States
$29,800,000
$243/SF
Building Size
122,464 SF
Asset Type
MultiFamily
Closing
Oct 2, 2022
AI
The recent closed transaction in Richmond, VA involved a multifamily property located at 103 East 2nd Street. This property spans a total square footage of 122,464 and was the subject of a construction loan.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $29,800,000
- Address: 103 East 2nd Street, Richmond, VA
- Market: Richmond, VA
- Brokers: Mike Lowry, Keith Wells, Reina Mazicioglu, and Hunter Wood from Northmarq
- Loan Type: Construction loan
The deal was facilitated by the team of brokers representing the buyer, seller, landlord, or tenant. The brokers involved in this transaction were Mike Lowry, Keith Wells, Reina Mazicioglu, and Hunter Wood from Northmarq.
Players
Richmond 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
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93