Updated Mar 5, 2025
Marcus & Millichap Arranges $3.3M Refinance For 112-Unit Multifamily Portfolio In Sandusky MI
410 Green Acres Drive
$3,300,000
Units
112
Asset Type
MultiFamily
Closing
Feb 25, 2025
About this deal
AI
The transaction involves a 112-unit multifamily asset located at 410 Green Acres Drive in Sandusky, MI. The loan amount secured is $3,300,000 with a three-year term, a 6.9% interest rate, and 12 months interest-only payment structure, accompanied by a 25-year amortization period.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $3,300,000
- Address: 410 Green Acres Drive
- Market: Sandusky, MI
- Units: 112
- Loan Terms: 3-year term, 6.9% interest rate, 12 months interest-only, 25-year amortization
Luke Lamoreaux from Marcus & Millichap served as the broker for this financing deal. The refinance was arranged through a Michigan-based bank, highlighting the involvement of local financial institutions in facilitating the transaction.
Sandusky 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
4.81%
Cash-on-Cash
-1.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93