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District Capital Secures $20 Million Refinance Loan For 240000 Square Foot Industrial Building
FINANCED
$20,000,000
Michigan
See Similar DealsIndustrial240,000 SF
Financed 09/17/2024
FINANCED
District Capital Secures $20 Million Refinance Loan For 240000 Square Foot Industrial Building
1 Continental Dr
See Similar DealsIndustrial240,000 SF
Financed 09/17/2024
Summary
MICHIGAN
Asset Type:Industrial
Price Per Square Foot:$83
Total Square Footage:240,000 SF
Transaction Type:Loan
The transaction involved a 240,000-square-foot flex industrial building located at 1 Continental Dr in Auburn Hills, MI. The loan amount secured for this property is $20,000,000, specifically structured as a refinance with nonrecourse terms.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $20,000,000
- Loan Type: Refinance
- Loan Terms: Nonrecourse
- Broker: Dave Dismondy - District Capital
- Date: 09/17/2024
District Capital, represented by broker Dave Dismondy, arranged the financing for this transaction. The loan offers relaxed amortization terms if the lease is extended, providing flexibility for future leasing arrangements.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$20,000,000.00
Monthly NOI$133,333.33
Monthly Debt Service$126,413.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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