Marcus & Millichap Secures $11.5M Loan For Baytowne Shoppes & Square In Champaign, IL
2033 North Prospect Avenue
$11,500,000
Building Size
—
Asset Type
Retail
Closing
Oct 12, 2023
About this deal
AI
The Baytowne Shoppes & Square shopping center in Champaign, IL has secured $11.5 million in acquisition financing. The loan, arranged by IPA Capital Markets, part of Marcus & Millichap, comes in the form of a ten-year CMBS loan at a 6.97% fixed rate. The loan terms also include interest-only payments for the entire term.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $11,500,000
- Loan Type: Acquisition Loan
- Loan Terms: 10 year CMBS financing at a 6.97% fixed rate with interest only for the entire term
- Landlord: Stonefield Investment Advisors - Jon Werner
- Broker: Adam Mengacci - IPA Capital Markets - Marcus & Millichap
The financing for the Baytowne Shoppes & Square shopping center was arranged by Adam Mengacci of IPA Capital Markets. Ryan McNamara, also from IPA Capital Markets, was involved in the deal as well. Stonefield Investment Advisors, represented by Jon Werner, serves as the landlord for the property. The shopping center, located at 2033 North Prospect Avenue, presents a noteworthy investment opportunity in the Champaign market.
On the Map
$11,500,000
Retail
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Champaign Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.38%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93