TCA Capital Provides $8.95M Refinance Loan For Retail Property At 2900 John R Rd
Detroit
$8,950,000
$39/SF
Building Size
227,500 SF
Asset Type
Retail
Closing
Oct 16, 2024
AI
The property asset involved in this transaction is a retail space located at 2900 John R Rd in Madison Heights, MI. The total area of the asset is 227,500 square feet and it is a significant part of the local market.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $8,950,000
- Lender: TCA Capital
- Landlord: Jeffrey Stewart
- Loan Type: Refinance
- Brokers: Garryn Laws - Convoy Capital; Matthew Bucaro - Tauro Capital Advisors
This transaction involves key individuals such as Garryn Laws and Matthew Bucaro, who represent the brokerages Convoy Capital and Tauro Capital Advisors, respectively. They played crucial roles in facilitating the refinancing process for the landlord Jeffrey Stewart and securing the loan from TCA Capital.
Players
Detroit 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
1.77%
Cash-on-Cash
-0.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93