Updated Dec 4, 2024
LMF Commercial Refinances Multifamily Properties In Battle Creek, Brownstown, Lansing & Flat Rock, MI For $6.2M
993 East Michigan Avenue, Battle Creek, Michigan 49014, United States
$6,200,000
Units
360
Asset Type
MultiFamily
Closing
Oct 7, 2021
About this deal
AI
Four multifamily properties in Battle Creek, Brownstown, Lansing, and Flat Rock, MI have recently undergone a refinance transaction. The properties are located at 993 E. Michigan Avenue, 20665 Telegraph Road, 3407 W. Mt. Hope Avenue, and 14210 Telegraph Road, and collectively offer a total of 360 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $6,200,000
- Loan Type: Refinance
- Loan Terms: CMBS: 10-year Term, 30-year Amortization, Full Cash Out
The financing for this transaction was provided by LMF Commercial, a division of Lennar Co., represented by Nihad Choudhury. The landlords involved in the deal are Steve McCrosky and Jay Shupack. The brokers facilitating the transaction were Gerry DiMarco and Pierce Redmond of Security Mortgage Group.
Note: No further information regarding the deal, such as the motivation behind the refinance or the future plans for the properties, was provided in the given context.
Players
Battle Creek 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
2.56%
Cash-on-Cash
-0.73%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93