Benedict Canyon Equities Acquires 152-Unit Multifamily Properties In Des Moines, WA With $22.33M Loan From JLL Real Estate Capital
1145 South 216th Street & 21620 14th Avenue South
$22,230,000
Building Size
—
Asset Type
MultiFamily
Closing
Oct 3, 2023
AI
A $22.33 million Freddie Mac financing has been provided by JLL Real Estate Capital to support Benedict Canyon Equities' acquisition of two apartment properties in Des Moines, Washington. The properties, located at 1145 South 216th Street and 21620 14th Avenue South, consist of a total of 152 units and were purchased for $34.33 million.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $22,330,000
- Units: 152
- Market: Des Moines, WA
In this acquisition deal, JLL Real Estate Capital acted as the lender, providing the necessary financing. The landlord, Jim Rosten of Benedict Canyon Equities, facilitated the transaction. This loan was specifically secured for the acquisition of the two apartment properties, allowing the buyer to complete the purchase and strengthen their portfolio in the Des Moines market.
Players
Des Moines 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
0.71%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93