Justin Hollis Of District Capital Secures $10M Refinance Loan For Retail Center
1488 North Rochester Road
$10,000,000
Building Size
—
Asset Type
Retail
Closing
Apr 18, 2024
AI
A $10 million loan was secured for refinancing a 62,000-square-foot retail center located at 1488 North Rochester Road in Rochester Hills, Michigan within the Detroit metro area.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $10,000,000
- Market: Rochester Hills, Michigan
- Address: 1488 North Rochester Road
District Capital, led by Justin Hollis, was the broker who facilitated the $10 million loan for the refinancing of the retail center in Oakland County. The loan was secured through a life insurance lender with a locked interest rate at the time of application.
Players
Rochester Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93