Updated Dec 20, 2023
Alpha Capital CRE Secures $14.6M Acquisition Loan For Michigan State University Student Housing
4915 Belle Chase Boulevard, Lansing, Michigan, USA
$14,650,000
$9,766/SF
Building Size
1,500 SF
Asset Type
MultiFamily
Closing
Mar 18, 2021
About this deal
AI
A recent loan transaction took place involving two properties located at 4915 Belle Chase and 238 W. Saginaw in Michigan State University Student Housing market. The properties are classified as multifamily assets.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $14,650,000
- Loan Type: Acquisition
The loan transaction was facilitated by Anthony Longo of Alpha Capital CRE. The loan amount totaled $14,650,000 and consisted of two separate loans. The first loan was an 80% loan-to-value (LTV) senior loan, while the second loan was a 65% LTV Bridge Loan.
Note: No additional information is available regarding the terms of the loans or the lenders involved.
Players
Lansing 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
1.08%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93