Rodeo Capital, Inc. closes $2,500,000 Purchase Loan on 212 unit Multifamily Development in Decatur, Georgia

[Marc Rabkin]

 

DEAL HIGHLIGHTS: * Upside Potential with current 76 Occupancy * Complicated deal structure closed in less than 3 weeks * As-Is Debt Coverage Ratio of 1.387x * Stabilized value of $4,900,000 (Low LTV)

The Colony Ridge Apartments are a 212-unit, 20-building apartment community spanning just under 12 acres, located in Decatur, Georgia. Colony currently operating at 76% occupancy and has attractive mix of 94 1-bdrm/1bath, 80 2-bdrm/1 bath and 38 3-bdrm/2baths totally 214,3000 rentable square feet.  New loan from Rodeo Capital, Inc. enabled the borrower to execute on his renovation and lease-up strategy.

 

 

To View this and other recently closed transactions; please visit our Recent Fundings Page on our website at:

 

 http://rodeocapital.com/rodeo/recent-fundings

 

 

To learn more about this loan or our overall lending capabilities, please contact Marc Rabkin at 310-909-7334 or [e-mail]

[Frank Lawson]

I have a complicated deal I Need funding for.  TThe property is a 382 unit multifamily with some Renovations being done on it.  175 units  are being renovated the property is 57% occupancy at this time.  As is value is 6.5m last years appraisal. completion should be 8m I have contract on it at 4.25 and I need equity partner that can show POF and close quickly.  email [e-mail]

Thank you

Frank