FINANCEDSelf Storage
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
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
Players
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