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.
Chicago MultiFamily Market Snapshot
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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