5iftyOne at Tradan Heights
|Deal Type||Fannie Mae|
The transaction includes a $22,725,000 ($70,575/unit) non-recourse, first mortgage loan secured by a 322-unit garden-style apartment complex, known as 5iftyOne at Tradan Heights located in Stillwater, OK. Built in 2012, the Property comprises of 24, two-story apartment buildings, situated on 16.07 acres of land. The proposed loan will be used to facilitate the acquisition of the Property at a purchase price of $35.55MM ($110,403/unit). The loan is structured with a 7-year term, and subsequent to a 5-year interest only period, amortizes on a 30-year schedule.