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JLL Secures $7.042M Refinancing For Gary Manor Multihousing Community In Indiana

Property Image
FINANCED
$7,042,000
Kristian Lichtenfels
LO

Lima Province

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MultiFamily
Financed 07/19/2023
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Property Image
FINANCED

JLL Secures $7.042M Refinancing For Gary Manor Multihousing Community In Indiana

1200 Washington Street Gary, Indiana 46407, Usa

See Similar Deals
MultiFamily
Financed 07/19/2023
Kristian Lichtenfels
LO
the dealplayerscompscontact
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Summary

Asset Type:MultiFamily
Transaction Type:Loan

Monroe Group Limited and Steele Properties have secured a $7.042 million refinancing for Gary Manor, an age-restricted multifamily community in Gary, Indiana. The property, located at 1200 Washington Street, consists of 198 units. The ten-year, fixed-rate loan was obtained through Freddie Mac Multifamily.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $7,042,000
  • Address: 1200 Washington Street
  • Market: Gary, Indiana
  • Units: 198
  • Lender: Freddie Mac
  • Landlord: Monroe Group Limited & Steele Properties

JLL Capital Markets, represented by Leif Olsen & Kristian Lichtenfels, facilitated the financing for Gary Manor. Through their efforts, the $7.042 million loan was secured, providing Monroe Group Limited and Steele Properties with a ten-year fixed-rate. The refinancing deal offers stability and support for the age-restricted multifamily community.

Players

Kristian Lichtenfels
JLL
Kristian Lichtenfels
4 deals$79.3M volume
BROKER
LO
JLL
Leif Olsen
1 deal$7M volume
BROKER
Freddie Mac
Freddie Mac
LENDER

Details

FINANCED
IMAGE: Leif Olsen & Kristian Lichtenfels DATE: 07/19/2023 ADDRESS: 1200 Washington Street MARKET: Gary, Indiana ASSET TYPE: Multifamily ~ UNITS: 198 LENDER: Freddie Mac LANDLORD: Monroe Group Limited & Steele Properties BROKERS: Leif Olsen & Kristian Lichtenfels - JLL (@JLL) LOAN AMOUNT: $7,042,000 LOAN TYPE: Refinace LOAN TERMS: 10 year, fixed-rate NOTE: JLL Capital Markets has secured a $7.042 million refinancing for Gary Manor, an age-restricted multihousing community in Gary, Indiana. The ten-year, fixed-rate loan was obtained through Freddie Mac Multifamily.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$7,042,000.00

Monthly NOI$46,946.67
Monthly Debt Service$44,510.23
Change in Cash Flow$0.00
Refinance Proceeds$0.00