Updated Dec 4, 2024
Gorman & Company Secures $21.9 Million Loan From Associated Bank For Harbor At State And Main Apartments
141 Main Street & 65 Harborview Drive
$21,900,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 19, 2024
About this deal
AI
The asset involved in this transaction is a multifamily property located at 141 Main Street & 65 Harborview Drive in Racine, WI. The financing package provided by Associated Bank totals $21,900,000, aimed at supporting the renovation of the Harbor at State and Main apartments.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $21,900,000
- Lender: Associated Bank
- Rep: Bryan Schreite
- Landlord: Gorman & Company, LLC
This transaction highlights the involvement of Gorman & Company, LLC, as the landlord, alongside Bryan Schreite representing Associated Bank as the lender in the financing process for the renovation project.
On the Map
$21,900,000
MultiFamily
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Players
Racine MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93