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Marcus & Millichap Arranges $3.3M Refinance For 112-Unit Multifamily Portfolio In Sandusky MI

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FINANCED
$3,300,000

Michigan

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MultiFamily
Financed 02/25/2025
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Property Image
FINANCED

Marcus & Millichap Arranges $3.3M Refinance For 112-Unit Multifamily Portfolio In Sandusky MI

410 Green Acres Drive

See Similar Deals
MultiFamily
Financed 02/25/2025
the dealplayerscompscontact
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Summary

MICHIGAN
Asset Type:MultiFamily
Transaction Type:Loan

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.

Players

Luke Lamoreaux
Marcus & Millichap
Luke Lamoreaux
3 deals$16.3M volume(216) 264-2072
BROKER

Details

FINANCED
IMAGE: 02/25/2025 ADDRESS: 410 Green Acres Drive MARKET: Sandusky, MI ASSET TYPE: Multifamily ~ UNITS: 112 BROKER: Luke Lamoreaux - Marcus & Millichap LOAN AMOUNT: $3,300,000 LOAN TERMS: 3-year term, 6.9% interest rate, 12 months interest-only, 25-year amortization. NOTE: Marcus & Millichap Capital Corporation arranged a $3.3M refinance for a 112-unit multifamily portfolio in Michigan’s Thumb Region through a Michigan-based bank. The 3-year loan has a 6.9% interest rate, 12 months interest-only, and a 25-year amortization.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$3,300,000.00

Monthly NOI$22,000.00
Monthly Debt Service$20,858.24
Change in Cash Flow$0.00
Refinance Proceeds$0.00