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Ready Capital Acquires Multifamily Property In Portsmouth, VA For $16.8M

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FINANCED
$16,800,000

Virginia

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MultiFamily
Financed 12/03/2021
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Property Image
FINANCED

Ready Capital Acquires Multifamily Property In Portsmouth, VA For $16.8M

303 Effingham Street, Portsmouth, VA, USA

See Similar Deals
MultiFamily
Financed 12/03/2021
the dealplayerscompscontact
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Summary

VIRGINIA
Asset Type:MultiFamily
Transaction Type:Loan

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.

Details

FINANCED
IMAGE: David A. Cohen DATE: 12/03/2021 ADDRESS: 303 Effingham St MARKET: Portsmouth, VA ASSET TYPE: Multifamily ~ UNITS: 148 LANDLORD: Ready Capital - David A. Cohen LOAN AMOUNT: $16,800,000 LOAN TYPE: Acquisition, Renovation & Stabilization LOAN TERMS: non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$16,800,000.00

Monthly NOI$112,000.00
Monthly Debt Service$106,187.43
Change in Cash Flow$0.00
Refinance Proceeds$0.00