KDM2018-N007 Print

251 $4,850,000.00 7450 hits


  • Location Vicksburg, MS
  • Price $4,850,000.00
  • Property Type: Multi Family
  • Status: 251

    Vickburg Mississippi Multifamily

    Sponsor owns three adjacent properties of garden apartment buildings with a total of 192 units.

    44 units are currently out of service and are from 70-90% complete. Sponsor is refinancing to get funds to complete and estimates to have all units back online by June.

    He has already taken deposits on 10 units. And we expect absorption to be swift, within 4-6 months for the remainder of the units.

    Current value is as-is, and is at 70% LTV, completed value is $8,100,000 which puts the loan at a 60% LTV.  Currently 10.2% debt yield.

    This property is a cash flow cow: current debt service, even with nearly a third of the units down is 1.53x. With 20% of the down units back online, the DSCR climbs over 2x.

    This is not a construction loan. This is cash out refinance. Borrower does not qualify for agency funding due to current vacancy. We will be following up with the borrower for updated rent roll every 3 months regarding vacancy rate until completion and vacancy is under 10%.

    1.5x debt service covenant in mortgage.


  • Rating:

Property Description


Note Status:
  • Current
Loan Status:
  • Current
Closing Date:
65 %
Maturity Date:
EJ Rating:


Annual Review :



Overall rating