Updated Oct 28, 2024
Gray Capital & LRE Management Acquires Multifamily Property In Okemos, Michigan With $48M Loan From Greystone
4425 Heritage Avenue, Okemos, Michigan 48864, United States
$48,000,000
$135/SF
Building Size
354,480 SF
Asset Type
MultiFamily
Closing
Jul 13, 2022
About this deal
AI
A multifamily property located at 4425 Heritage Ave in Okemos, Michigan has been recently involved in a closed transaction. The property consists of 406 units and was acquired by Gray Capital & LRE Management.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $48,000,000
- Loan: Acquisition Loan
- Loan Terms: 10-year term
The acquisition of the property was made possible through a loan provided by greystone''>Greystone. Richard Kourbage, representing Greystone, facilitated the loan transaction. The loan amount was $48,000,000 with a 10-year term.
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
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93