Northmarq Arranges $41.6M Loan For Student Housing In Mankato, MN
FINANCED
$41,610,000
Minnesota
See Similar DealsFinanced 08/04/2022
FINANCED
Northmarq Arranges $41.6M Loan For Student Housing In Mankato, MN
200 Briargate Road, Mankato, Minnesota 56001, United States
See Similar DealsFinanced 08/04/2022
Summary
MINNESOTA
Transaction Type:Loan
The student housing property located at 200 Briargate Road in Mankato, MN has recently undergone a closed transaction. The property consists of 524 units and is situated in a prime market. The deal was brokered by Andy Finn from Northmarq.
Summary of transaction details
- Property Type: Student Housing
- Transaction Amount: $41,610,000
- Date of Transaction: 08/04/2022
- Market: Mankato, MN
- Units: 524
The loan for this transaction was secured on a non-recourse basis. It has a seven-year term with three years of interest-only payments, followed by a 30-year amortization schedule.
Andy Finn from Northmarq played a key role in representing the parties involved in this deal.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$41,610,000.00
Monthly NOI$277,400.00
Monthly Debt Service$263,003.50
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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