MIG Real Estate Acquires 104-Unit Multifamily Property In Newcastle, WA With $24M Loan
FINANCED
$24,000,000
+ 1
Washington
See Similar DealsMultiFamily
Financed 07/29/2022
FINANCED
MIG Real Estate Acquires 104-Unit Multifamily Property In Newcastle, WA With $24M Loan
7920 110th Avenue Southeast, Newcastle, Washington 98056, United States
See Similar DealsMultiFamily
Financed 07/29/2022
+ 1
Summary
WASHINGTON
Asset Type:MultiFamily
Transaction Type:Loan
Located in Newcastle, WA, the multifamily property at 7920 110th Ave SE has recently undergone a closed transaction. The property, comprising 104 units, was acquired by an undisclosed buyer. The deal was facilitated by MIG Real Estate, who represented the landlord, along with CBRE brokers Bill Chiles, Scott Peterson, Brian Cruz, and Colby Matzke.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $24,000,000
- Loan Type: Acquisition financing
- Loan Terms: 10-year, floating-rate loan
The loan amount for the transaction was $24,000,000, and it was obtained through acquisition financing. The terms of the loan consisted of a 10-year, floating-rate agreement. This financing arrangement supported the acquisition of the 104-unit multifamily property in Newcastle, WA.
Players
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$24,000,000.00
Monthly NOI$160,000.00
Monthly Debt Service$151,696.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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