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210 South Main Street, Etna...

Updated Oct 28, 2024

Keel Team Refinances 219-Unit Manufactured Housing Portfolio In Etna Green, Gary, And Salem With $6.7M Loan From PNC Bank
FINANCEDMultiFamily

Keel Team Refinances 219-Unit Manufactured Housing Portfolio In Etna Green, Gary, And Salem With $6.7M Loan From PNC Bank

210 South Main Street, Etna Green, Indiana 46524, United States

$6,671,000

Units

219

Asset Type

MultiFamily

Closing

Oct 20, 2022

About this deal

AI

The 219-unit multifamily property located at 210 S Main Street, 3650 W Ridge Road, and 29549 Salem Alliance Road has undergone a refinancing transaction. The properties are situated in Etna Green, IN, Gary, IN, and Salem, OH, respectively. The asset consists of a manufactured housing portfolio with a total of 219 units.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $6,671,000
  • Lender: PNC Bank
  • Landlord: Keel Team – Andrew Keel
  • Broker: Scott Modelski - Black Bear Capital Partners
  • Loan Type: Refinance
  • Loan Terms: The 219-unit manufactured housing portfolio was refinanced with a 10-year fixed-rate loan and full-term interest-only payments.

The loan was provided by PNC Bank. The landlord, Keel Team, represented by Andrew Keel, facilitated the transaction. The brokerage services were managed by Scott Modelski from Black Bear Capital Partners. Apart from the previously mentioned loan amount, the refinancing deal involved a 10-year fixed-rate loan with full-term interest-only payments.

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$6,671,000

MultiFamily

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Players

Scott Modelski

Black Bear Capital Partners

Broker

$156.6M

vol

17 deals

Broker
PNC Bank
PNC BankLender

Andrew Keel

Keel Team

Landlord

$23.2M

vol

3 deals

Landlord

Etna Green MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $30.5K per unit across 219 units on a published $6.7M (2022).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

2.38%

Cash-on-Cash

-0.68%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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