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Marcus & Millichap Facilitates $13.59M Refinance Loan For Lake Elmo Multifamily Property

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FINANCED
$13,590,000

Minnesota

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MultiFamily
Financed 09/08/2023
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Property Image
FINANCED

Marcus & Millichap Facilitates $13.59M Refinance Loan For Lake Elmo Multifamily Property

11070 39th Street North

See Similar Deals
MultiFamily
Financed 09/08/2023
the dealplayerscompscontact
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Summary

MINNESOTA
Asset Type:MultiFamily
Transaction Type:Loan

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.

Players

Michael Hughes
Marcus & Millichap
Michael Hughes
4 deals$32.9M volume(262) 364-1938
BROKER

Details

FINANCED
IMAGE: Michael Hughes DATE: 09/08/2023 ADDRESS: 11070 39th Street North MARKET: Lake Elmo, MN ASSET TYPE: MultiFamily BROKER: Michael Hughes - Marcus & Millichap LOAN 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 NOTE: Marcus & Millichap Capital Corporation (MMCC) has facilitated a $13.59 million refinancing for The Fields at Arbor Glen, a multifamily property in Lake Elmo, Minnesota.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$13,590,000.00

Monthly NOI$90,600.00
Monthly Debt Service$85,898.04
Change in Cash Flow$0.00
Refinance Proceeds$0.00