KDM2019-N002Q Print

Secondary available $4,400,000.00 1991 hits

Property Description

Two multi-family apartment complexes in Birmingham, Alabama. Experienced sponsor recently purchased for value-add update and improve management.  Excellent financial metrics:

KDMMTG 5.75% 6/25/24
Multi Family Collateral

4.4mm available
CUSIP: 50067AAL6

Korth Direct Mortgage 1st Lien Obligation

Collateral: 2 Multi-Family Apartment Complexes in Birmingham, Alabama metro area
Deal Size: $4,400,000
CUSIP: 50067AAL6
Coupon: 5.75%
Maturity: 6/25/24
Pays Monthly, 25 day delay
Egan Jones Rating: A-
LTV: 64%
DSCR: 1.70x
Registered, 144A
For Insurance Companies: NAIC 1/Corporate Schedule D filing
Callable at any time. If called within the first 3 years, investor will be made whole for 36 months of interest

Total Appraised Value of property: $6,875,000. Appraisal available upon request.



  • Location Birmingham, Alabama, USA
  • Price $4,400,000.00
  • Property Type: Multi Family
  • Status: Secondary available
  • Interest Rate: 5.75 %
  • KDM Status:
    • Regular Distributions Being Made
  • Loan Status:
    • Performing
  • CUSIP: 50067AAL6
  • Closing Date: 2019-05-03
  • LTV: 64 %
  • Maturity Date: 2024-06-25
  • Rating: A-