Updated Dec 4, 2024
Keel Team REI Refinances 197-Unit MHC Portfolio In Ludington & Crookston For $7.8M
5040 West Rasmussen Road, 202 7th Avenue South & 101 Willow Street Crookston
$7,808,000
$260,266/SF
Building Size
10 SF
Asset Type
MultiFamily
Closing
Feb 9, 2024
About this deal
AI
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $7,808,000
- Units: 197
- Address: 5040 Rasmussen Road; 202 7th Avenue South; 101 Willow Street
- Market: Ludington, MI & Crookston, MN
- Lender: PNC Bank
- Landlord: Keel Team Real Estate Investments
- Broker: Scott Modelski - Black Bear Capital Partners
The multifamily loan at 5040 West Rasmussen Road in Ludington, Michigan financed for $7.8M in 2024. Reported inventory is 30 square feet across 197 units, or about 260.3K per square foot. Scott Modelski, Black Bear Capital Partners appear on the loan alongside Black Bear Capital Partners. This page is the Ludington, Michigan file for the 5040 West Rasmussen Road multifamily financed: pricing, party profiles, and other closed multifamily comps from the same Ludington sit in the Market section below. Filter that Ludington multifamily set by closing date to see what else financed near 5040 West Rasmussen Road around 2024. Published consideration for 5040 West Rasmussen Road is $7.8M, dated 2024. Cite this Keel Team REI Refinances 197-Unit MHC Portfolio In Ludington & Crookston For $7.8M loan when underwriting similar multifamily product around Ludington, Michigan.
On the Map
$7,808,000
$260,266/SF
MultiFamily
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Players
Ludington 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
2.03%
Cash-on-Cash
-0.58%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93