Updated Dec 4, 2024
Nuveen Green Capital Funds $7.75M Construction Loan For 70-Unit Multifamily Development
604 Lincoln Street
$7,750,000
$63/SF
Building Size
121,303 SF
Asset Type
MultiFamily
Closing
May 24, 2024
About this deal
AI
The multifamily property located at 604 Lincoln Street in Elkhart Lake, WI spans 121,303 square feet and comprises 70 units. The property, known as Elkhart Lake Townhomes, is part of a planned luxury rental development on 10.3 acres in Sheboygan County, WI. It offers two- and three-bedroom rental units and is owned by North Town Partners.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $7,750,000
- Lender: Darshak Shah - Nuveen Green Capital
- Loan Type: Construction Loan
- Loan Terms: 30 years
Darshak Shah of Nuveen Green Capital provided a $7.75 million construction loan to North Town Partners for the development of the Elkhart Lake Townhomes project. The loan, structured as a C-PACE financing, aims to fund building envelope, HVAC, lighting, and plumbing upgrades for the 11-building rental development.
On the Map
$7,750,000
$63/SF
MultiFamily
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Elkhart Lake MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.05%
Cash-on-Cash
-0.58%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93