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Bernard Financial Group Arranges $24.3M Refinance Loan For Element Hotel At The Metropolitan In Detroit
FINANCED
$24,300,000
Michigan
See Similar DealsHotel
Financed 01/19/2024
FINANCED
Bernard Financial Group Arranges $24.3M Refinance Loan For Element Hotel At The Metropolitan In Detroit
33 John R Street
See Similar DealsHotel
Financed 01/19/2024
Summary
MICHIGAN
Asset Type:Hotel
Transaction Type:Loan
The Element Hotel at the Metropolitan, a 110-room property located at 33 John R St. in downtown Detroit, has been refinanced with a $24.3 million CMBS loan. The loan was arranged by Bernard Financial Group on behalf of Metropolitan Building SPE LLC.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $24,300,000
- Address: 33 John R Street, Detroit
- Market: Detroit
The refinancing deal for the Element Hotel at the Metropolitan was facilitated by Dan Duggan, Dennis Bernard, and Joshua Bernard of Bernard Financial Group. They played a crucial role in securing the $24.3 million CMBS loan for this downtown Detroit property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$24,300,000.00
Monthly NOI$162,000.00
Monthly Debt Service$153,592.53
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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