Updated Dec 4, 2024
District Capital Secures $20 Million Refinance Loan For 240000 Square Foot Industrial Building
1 Continental Dr
$20,000,000
$83/SF
Building Size
240,000 SF
Asset Type
Industrial
Closing
Sep 17, 2024
About this deal
AI
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.
On the Map
$20,000,000
$83/SF
Industrial
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Players
Auburn Hills Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93