Updated Dec 4, 2024
Marcus & Millichap Facilitates $13.59M Refinance Loan For Lake Elmo Multifamily Property
11070 39th Street North
$13,590,000
Building Size
—
Asset Type
MultiFamily
Closing
Sep 8, 2023
About this deal
AI
The Fields at Arbor Glen, a multifamily property located at 11070 39th Street North in Lake Elmo, Minnesota, has recently undergone a refinancing transaction. Marcus & Millichap Capital Corporation (MMCC) facilitated a $13.59 million refinancing for the property.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $13,590,000
- Loan Type: Refinance
- Loan Terms: 5-year fixed interest rate of 5.85% with IO for six months followed by 30-year amortization and a 65% LTV
Michael Hughes from Marcus & Millichap served as the broker for this refinancing deal. The loan provided by MMCC will help support the ongoing operations and management of The Fields at Arbor Glen.
On the Map
$13,590,000
MultiFamily
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Lake Elmo MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.17%
Cash-on-Cash
-0.33%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93