Keel Team Refinances Multifamily Portfolio In MI, PA, And SD With $10.25M Loan
315 Linwood Ave Alma, MI 48801, USA
$10,252,000
Units
317
Asset Type
MultiFamily
Closing
May 24, 2023
AI
The five property portfolio, consisting of a total of 317 units, located at 315 Linwood Avenue, 452 Elm Street, 2856 W Carleton Road, 18536 Reservoir Road, and 911 E Duke Street, was involved in a refinance loan transaction. The properties are situated in Alma, Breckenridge, and Hillsdale, MI; Saegertown, PA; and Vermillion, SD respectively. The multifamily assets were owned by Keel Team Real Estate Investments.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $10,252,000
- Loan Type: Refinance
- Loan Terms: The 10-year fixed-rate loan at 5.62% was secured with interest-only payments throughout the term. The financing was provided by an agency lender.
The refinance loan for this 317-unit portfolio was facilitated by Scott Modelski of Black Bear Capital Partners, who represented Keel Team Real Estate Investments in the deal.
Alma 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
1.55%
Cash-on-Cash
-0.44%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93