Winston-Salem Multifamily

Built in 1951 and located on approximately 40 acres in Winston-Salem, North Carolina, the Property is a multi-family residential rental development comprised of 347 apartment units, of which 257 units are currently offline, generating approximately $571,292 in cash flow, and DSCR of 1.56 taking account of our loan. The borrower plans to use a portion of the proceeds of our loan for light rehab of the 90 units that are currently offline. Once fully renovated, the borrower expects NOI to grow to approximately $750,000/year.

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  • Property Type Multifamily
  • PurposeRefinance
  • Gross Annual Coupon10.75%
  • Loan Amount$3,500,000
  • Loan to Value46.7%

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