Updated Dec 4, 2024
LMF Commercial Refinances Multifamily Property In Sycamore, IL For $2.95M
1440 David Drive, Sycamore, Illinois, USA
$2,950,000
$113/SF
Building Size
26,040 SF
Asset Type
MultiFamily
Closing
Aug 10, 2021
About this deal
AI
The multifamily property located at 1440 David Drive in Sycamore, IL has undergone a refinancing transaction. The property spans a total of 26,040 square feet and consists of 20 units. The landlord, Brian Grainger, initiated the refinancing process.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $2,950,000
- Market: Sycamore, IL
- Lender: LMF Commercial (A Lennar Co.) - Nihad Choudhury
- Broker: Igor Zhizhin - American Street Capital
- Loan Type: Refinance
- Loan Terms: CMBS: 10-yr fixed, cash out refinance
The lender, LMF Commercial (A Lennar Co.), represented by Nihad Choudhury, provided a refinancing loan of $2,950,000. The loan type was CMBS with a 10-year fixed term, allowing the landlord, Brian Grainger, to conduct a cash-out refinance on the multifamily property.
Players
Sycamore MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.38%
Cash-on-Cash
-1.54%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93