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4394 Okemos Road

Dennis & Joshua Bernard Secure $6.7M Refinance Loan For 254 Multifamily Units
FINANCEDMultiFamily

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:

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

Dennis Bernard

Bernard Financial Group

Broker

$47.4M

vol

5 deals

Broker
Minnesota Life Insurance
Minnesota Life InsuranceLender

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