Updated Oct 28, 2024
Bonaventure Acquires Multifamily Properties In Manassas And Virginia Beach For $85M Loan
9009 East Church Street, Manassas, VA, USA
$85,000,000
Units
294
Asset Type
MultiFamily
Closing
Nov 18, 2021
About this deal
AI
The recent closed property transaction involved a multifamily asset located at 9009 Church St and 5697 Magnolia Run Cir in Manassas and Virginia Beach, Virginia. The property comprises of 294 units, with 94 units in Messenger Place and 200 units in Magnolia Run.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $85,000,000
- Loan Type: Acquisition
- Lender: Fannie Mae & KeyBank
- Landlord: Bonaventure - Connor Reece
The loan for this transaction was provided by Fannie Mae and KeyBank. Bonaventure, represented by Connor Reece, acted as the landlord for this acquisition. The loan amount for the transaction was $85,000,000.
On the Map
$85,000,000
MultiFamily
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Players
Manassas 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
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93