Old National Bank Provides $8.3M Construction Loan For Self Storage In Detroit
FINANCED
$8,308,000
Michigan
See Similar DealsSelf Storage
Financed 09/22/2023
FINANCED
Old National Bank Provides $8.3M Construction Loan For Self Storage In Detroit
1610 Algonquin Street
See Similar DealsSelf Storage
Financed 09/22/2023
Summary
MICHIGAN
Asset Type:Self Storage
Transaction Type:Loan
Summary of transaction details
- Property Type: Self Storage
- Transaction Amount: $8,308,000
- Date: 09/22/2023
- Address: 1610 Algonquin Street, Detroit, MI
- Market: Detroit, MI
- Lender: Old National Bank
- Landlord: Basis Industrial - Anthony Scavo & Dan Weinstein
- Debt Source: Berkadia
Players
BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$8,308,000.00
Monthly NOI$55,386.67
Monthly Debt Service$52,512.21
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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