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Dennis & Joshua Bernard Secure $6.7M Refinance Loan For 254 Multifamily Units
FINANCED
$6,700,000
Michigan
See Similar DealsMultiFamily
Financed 05/03/2024
FINANCED
Dennis & Joshua Bernard Secure $6.7M Refinance Loan For 254 Multifamily Units
4394 Okemos Road
See Similar DealsMultiFamily
Financed 05/03/2024
Summary
MICHIGAN
Asset Type:MultiFamily
Transaction Type:Loan
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
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$6,700,000.00
Monthly NOI$44,666.67
Monthly Debt Service$42,348.56
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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