Stearns Bank Provides $34.8M Construction Loan For 199-Unit Multifamily Property In Tacoma, WA
FINANCED
$34,800,000
Washington
See Similar DealsMultiFamily
Financed 09/11/2022
FINANCED
Stearns Bank Provides $34.8M Construction Loan For 199-Unit Multifamily Property In Tacoma, WA
2502 Pacific Avenue
See Similar DealsMultiFamily
Financed 09/11/2022
Summary
WASHINGTON
Asset Type:MultiFamily
Transaction Type:Loan
The multifamily property located at 2502 Pacific Avenue in Tacoma, WA has been involved in a recent loan transaction. The asset consists of 199 units, making it a significant investment opportunity in the local market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $34,800,000
- Address: 2502 Pacific Avenue, Tacoma, WA
- Market: Tacoma, WA
- Lender: Stearns Bank
- Brokers: Kaden Eichmeier & Jake Davidson - JLL Capital Markets
- Loan Type: Construction
The loan amount for this transaction is $34,800,000, provided by Stearns Bank. The loan type is specified as construction, indicating that the funds will be used for the development or renovation of the multifamily property. Kaden Eichmeier and Jake Davidson from JLL Capital Markets represented the parties involved in the deal, showcasing their expertise in brokering such transactions.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$34,800,000.00
Monthly NOI$232,000.00
Monthly Debt Service$219,959.67
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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