Updated Oct 28, 2024
GoodNeighbor Properties Acquires Mixed-Use Development In Alexandria, Minnesota For $40.3M Loan
319 Broadway St, Alexandria, Minnesota 56308, United States
$40,300,000
Building Size
—
Asset Type
Development Site
Closing
Jun 27, 2022
About this deal
AI
A mixed-use development located at 319 Broadway Street in Alexandria, Minnesota has been involved in a closed transaction. The property spans across 2.5 acres and is owned by GoodNeighbor Properties, represented by Ted Christianson. The transaction took place on June 28, 2022.
Summary of transaction details
- Property Type: Mixed-use Development
- Transaction Amount: $40,300,000
- Lender: First Western Bank & Enhanced Capital
- Landlord: GoodNeighbor Properties - Ted Christianson
- Brokers: Beth Mercante & Chris Peters - StackSource
- Loan Type: Senior Construction Loan
The senior construction loan for $40,300,000 was provided by First Western Bank & Enhanced Capital. The landlord, GoodNeighbor Properties, was represented by Ted Christianson. The brokers involved in the deal were Beth Mercante and Chris Peters from StackSource.
On the Map
$40,300,000
Development Site
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Alexandria Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.39%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93