Updated Dec 4, 2024
Matthews Capital Markets Secures $8.7 Million Refinance Loan For New Cadillac Square Apartments
111 Cadillac Square
$8,700,000
Units
221
Asset Type
MultiFamily
Closing
Jul 17, 2024
About this deal
AI
The New Cadillac Square Apartments is a multifamily asset located at 111 Cadillac Square in Detroit, MI. The building features 221 units and spans 21 stories. The financing secured for this asset was in the amount of $8,700,000 arranged as part of a refinancing process with a floating-rate loan structure.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $8,700,000
- Loan Type: Refinance
- Loan Terms: Floating-rate
- BROKER: Jack Quigley - Matthews Real Estate Investment Services
- Market: Detroit, MI
- Units: 221
The financing was facilitated by Matthews Capital Markets, and the loan was arranged through a credit union, providing the borrower with an option for a rate lock. Jack Quigley was instrumental in structuring the loan for this property.
Players
Detroit MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Visit Matthews to view all their deals.
Browse Detroit multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.82%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93