Updated Oct 29, 2024
The Breeden Company Secures $81.3M Loan For 863-Unit Multifamily Property In Virginia Beach, VA
2100 Westminister Lane
$81,300,000
Units
863
Asset Type
MultiFamily
Closing
Jan 23, 2023
About this deal
AI
The multifamily property located at 2100 Westminster Lane in Virginia Beach, VA has been involved in a recent loan transaction. The property consists of 863 units and is owned by The Breeden Company.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $81,300,000
- Address: 2100 Westminster Lane, Virginia Beach, VA
- Market: Virginia Beach, VA
- Unit Count: 863
The loan for this property was provided in the amount of $81,300,000.
The deal was facilitated by the brokers Patrick McGlohn, Miles Drinkwalter, and Patrick Cunningham from Berkadia, who represented the parties involved in the transaction.
On the Map
$81,300,000
MultiFamily
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Players
Virginia Beach 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
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93