Keel Team Refinances Multifamily Portfolio In MI, PA, And SD With $10.25M Loan
FINANCED
$10,252,000
Michigan
See Similar DealsMultiFamily
Financed 05/24/2023
FINANCED
Keel Team Refinances Multifamily Portfolio In MI, PA, And SD With $10.25M Loan
315 Linwood Ave Alma, MI 48801, USA
See Similar DealsMultiFamily
Financed 05/24/2023
Summary
MICHIGAN
Asset Type:MultiFamily
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$10,252,000.00
Monthly NOI$68,346.67
Monthly Debt Service$64,799.61
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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