LG Capital Acquires 449-Unit Multifamily Portfolio In Midland, Michigan For $33.8M
FINANCED
$33,800,000
Michigan
See Similar DealsMultiFamily
FINANCED
LG Capital Acquires 449-Unit Multifamily Portfolio In Midland, Michigan For $33.8M
2630 Abbott Road, Midland, Michigan 48642, United States
See Similar DealsMultiFamily
Summary
MICHIGAN
Asset Type:MultiFamily
Transaction Type:Loan
LG Capital, represented by Steve Lyman, recently closed on the acquisition of three multifamily properties in Midland, Michigan. The properties are located at 2630 Abbott Road, 1905 Eastlawn Drive, and 4100 Perrine Point, and together they consist of 449 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $33,800,000
- Market: Midland, Michigan
- Units: 449
Berkadia assisted in the transaction as the broker representing LG Capital. Income Property Organization acted as the seller for this deal. The acquisition was financed through an acquisition loan of $33,800,000.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$33,800,000.00
Monthly NOI$225,333.33
Monthly Debt Service$213,638.99
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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