Matthews Real Estate Investment Services Arranges $14.3M Refinance Loan For Upper Midwest Multifamily Property
2230 Dexter Avenue
$14,291,000
$35/SF
Building Size
399,786 SF
Asset Type
MultiFamily
Closing
Nov 30, 2022
AI
A $14,291,000 loan was secured for the refinance of a 400+ unit multifamily and student housing portfolio consisting of 7 buildings in the Upper Midwest. The financing was arranged by Gregory Kavoklis from Matthews Real Estate Investment Services, who facilitated a mix of interim and permanent financing on a nonrecourse basis. The loan allows for repositioning flexibility in the future, as a large percentage of the equity returned is not subject to prepayment penalty provisions.
Summary of transaction details
- Property Type: Multifamily & Student Housing
- Transaction Amount: $14,291,000
- Address: Upper Midwest
- Total Square Footage: 399,786
- Number of Units: 400
In securing the loan, Gregory Kavoklis from Matthews Real Estate Investment Services played a crucial role as the broker for this deal. The agency and debt fund execution allowed for a successful financing arrangement for the multifamily and student housing portfolio.
Players
Dexter MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.11%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93