Eastern Mortgage Capital Refinances 144-Unit Multifamily Property In Champaign, Illinois With 35-Year Loan At 2.65%
2413 North Neil Street, Champaign, Illinois 61820, United States
$7,115,100
Units
144
Asset Type
MultiFamily
Closing
Mar 16, 2022
AI
The multifamily property located at 2413 North Neil St in Champaign, Illinois has undergone a refinancing transaction. This 144-unit property was refinanced through a loan provided by Eastern Mortgage Capital.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,115,100
- Address: 2413 North Neil St, Champaign, Illinois
- Market: Champaign, Illinois
- Loan Type: Refinance
- Loan Terms: The property was refinanced with a 35-year loan at a fixed interest rate of 2.65%.
- Agents: Raymond Zanca & Matt Stearns (lackBearCapitalPartners)
The loan obtained for this transaction has allowed for the refinancing of the multifamily property at 2413 North Neil St. With a fixed interest rate of 2.65% over a 35-year loan term, this refinancing provides long-term stability for the property owner. Raymond Zanca and Matt Stearns from lackBearCapitalPartners represented the parties involved in this deal.
Players
Champaign 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
2.23%
Cash-on-Cash
-0.64%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93