Harbor Custom Development Secures $19.95M Refinance Loan For Belfair View Apartments
81 Northeast Ridge Point Boulevard Belfair, Washington 98528, USA
$19,950,000
Building Size
—
Asset Type
MultiFamily
Closing
Jul 10, 2023
AI
Harbor Custom Development, Inc has secured a $19.95 million loan from Sound Capital to refinance the initial phase of the Belfair View Apartment project in Belfair, Washington. The multifamily property consists of 126 units and is located at 81 Northeast Ridge Point Boulevard.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $19,950,000
- Address: 81 Northeast Ridge Point Boulevard
- Market: Belfair, WA
- Units: 126
- Lender: Sound Capital - Johnny Walker
- Landlord: Harbor Custom Development, Inc - Jeff Habersetzer
- Loan Type: Refinance
Harbor Custom Development, Inc, led by Jeff Habersetzer, has secured a $19.95 million loan from Sound Capital, represented by Johnny Walker, to refinance the initial phase of the Belfair View Apartment project in Belfair, Washington.
Players
Belfair 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
0.80%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93