Updated Dec 4, 2024
Old National Bank Provides $8.3M Construction Loan For Self Storage In Detroit
1610 Algonquin Street
$8,308,000
Building Size
—
Asset Type
Self Storage
Closing
Sep 22, 2023
About this deal
AI
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
The self storage loan at 1610 Algonquin Street in Michigan financed for $8.3M in 2023. 1610 Algonquin Street is classified as Self Storage on Traded. Anthony Scavo, Dan Weinstein, Basis Industrial appear on the loan alongside Basis Industrial. This page is the Michigan file for the 1610 Algonquin Street self storage financed: pricing, party profiles, and other closed self storage comps from the same Michigan sit in the Market section below. Filter that local self storage set by closing date to see what else financed near 1610 Algonquin Street around 2023. Published consideration for 1610 Algonquin Street is $8.3M, dated 2023. Cite this Old National Bank Provides $8.3M Construction Loan For Self Storage In Detroit loan when underwriting similar self storage product around Michigan.
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Market Self Storage Market Snapshot
Boundary boundary · Self Storage · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.91%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93