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District Capital Secures $25.1M Loan For 622-Bed Student Housing In Dearborn, MI
FINANCED
$25,100,000
Michigan
See Similar DealsStudent Housing
Financed 05/14/2025
FINANCED
District Capital Secures $25.1M Loan For 622-Bed Student Housing In Dearborn, MI
780 Town Center Drive
See Similar DealsStudent Housing
Financed 05/14/2025
Summary
MICHIGAN
Asset Type:Student Housing
Transaction Type:Loan
The asset involved in the transaction is a 622-bed student housing property located at 780 Town Center Drive in Dearborn, MI. The property is positioned near the University of Michigan – Dearborn and secured a loan amount of $25,100,000.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $25,100,000
- Loan Terms: five-year term, fixed interest rate, one year of interest-only payments, and a 30-year amortization
- Broker: Mike Lemon - District Capital
District Capital arranged the nonrecourse loan which features a fixed rate and includes one year of interest-only payments structured within a 30-year amortization schedule. Mike Lemon represents the broker in this transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$25,100,000.00
Monthly NOI$167,333.33
Monthly Debt Service$158,649.07
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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