Dennis & Joshua Bernard Secure $6.7M Refinance Loan For 254 Multifamily Units
4394 Okemos Road
$6,700,000
Units
254
Asset Type
MultiFamily
Closing
May 3, 2024
AI
The multifamily property located at 4394 Okemos Road in Okemos, Michigan, consists of 254 units. The $6.7 million loan was used to refinance this property and was acquired through Minnesota Life Insurance Co. The landlord for this property is Cedar Creek MS LLC.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6,700,000
- Market: Okemos, Michigan
- Lender: Minnesota Life Insurance
- Landlord: Cedar Creek MS LLC
- Brokers: Dennis Bernard & Joshua Bernard - Bernard Financial Group
Bernard Financial Group, led by Dennis Bernard and Joshua Bernard, played a crucial role in securing the loan for the refinancing of the multifamily property. The borrower, Cedar Creek MS LLC, benefited from this $6.7 million loan arrangement facilitated by Minnesota Life Insurance Co.
Players
Okemos 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
2.37%
Cash-on-Cash
-0.68%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93