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307 North Prairie View Road

American Street Capital Secures $3.9M Loan For Mahomet Multifamily Complex
FINANCEDMultiFamily

American Street Capital Secures $3.9M Loan For Mahomet Multifamily Complex

307 North Prairie View Road

$3,895,000

Building Size

Asset Type

MultiFamily

Closing

Jun 15, 2023

AI

American Street Capital (ASC) has secured a $3.9 million cash-out refinance loan for a 160-unit multifamily complex in Mahomet, Illinois. The property is located at 307 North Prairie View Road and sits on 10.9 acres. The multifamily complex is comprised of 160 units, making it an attractive investment opportunity in the Mahomet market.

Summary of transaction details:

  • Property Type: Multifamily
  • Loan Amount: $3,895,000
  • Loan Type: Refinance
  • Loan Terms: Non-recourse, 10-year fixed term with five years of interest-only payments
  • Market: Mahomet
  • Units: 160
  • Acres: 10.9
  • Broker: Igor Zhizhin - American Street Capital

The loan was placed with a correspondent agency lender, further showcasing the expertise and network of American Street Capital. With a 10-year fixed term and five years of interest-only payments, the loan offers favorable terms for the borrower, allowing for flexible repayment options.

Players

Igor Zhizhin

American Street Capital

Broker

$118.5M

vol

12 deals

Broker

Chicago 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

4.07%

Cash-on-Cash

-1.16%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93