Updated Oct 28, 2024
Exponential Equity Secures $9.1M Acquisition Loan For Gaffney Multifamily Property
112 Martin Lane
Units
96
Asset Type
MultiFamily
Closing
Sep 26, 2022
About this deal
AI
The acquisition of a 96-unit multifamily property located at 112 Martin Lane in Gaffney, SC has been financed through a $9,140,000 loan provided by RMWC. The loan is of acquisition type and has a three-year floating rate with full-term interest-only payments.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $9,140,000
- Loan Type: Acquisition
- Loan Terms: 3-year floating rate loan with full-term interest-only payments
- Lender: RMWC
- Landlord: Exponential Equity
- Broker: Zach Lutwak-Fitzgerald - Black Bear Capital Partners
The financing for this acquisition transaction was secured through Zach Lutwak-Fitzgerald of Black Bear Capital Partners, who represented the buyer in the deal. Exponential Equity is the landlord of the property.
On the Map
MultiFamily
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Players
Alexandria MultiFamily Market Snapshot
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93