Updated Oct 28, 2024
Ready Capital Acquires Multifamily Property In Portsmouth, VA For $16.8M
303 Effingham Street, Portsmouth, VA, USA
$16,800,000
Units
148
Asset Type
MultiFamily
Closing
Dec 3, 2021
About this deal
AI
The multifamily property located at 303 Effingham St in Portsmouth, VA recently underwent a closed transaction. The property consists of 148 units and was involved in an acquisition, renovation, and stabilization process.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $16,800,000
- Date: 12/03/2021
- Market: Portsmouth, VA
- Landlord: Ready Capital - David A. Cohen
The loan obtained for the property amounted to $16,800,000. This non-recourse loan offers flexible prepayment options and features a 36-month term with two extension options. It is an interest-only, floating-rate loan, providing financial support for the acquisition, renovation, and stabilization of the property.
Players
Portsmouth City 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
0.94%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93