Updated Dec 4, 2024
Colliers Mortgage Secures $26.7M Fannie Mae Loan To Refinance Montreal Courts Apartments In Little Canada
396 Labore Road
$26,700,000
Units
444
Asset Type
MultiFamily
Closing
Nov 16, 2023
About this deal
AI
Colliers Mortgage has secured a $26.7 million Fannie Mae loan to refinance Montreal Courts Apartments in Little Canada, a northern suburb of St. Paul. The property, located at 396 Labore Road, is a multifamily asset consisting of 444 units. The loan, a 10-year term, will provide financing for the property's refinancing needs.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $26,700,000
- Units: 444
- Address: 396 Labore Road, Little Canada, MN
- Market: Little Canada, MN
The loan was facilitated by Ben Fazendin and Tony Carlson from Colliers International, who represented the borrower in securing the financing. Their expertise in the field of real estate brokerage contributed to a successful refinance deal. Colliers Mortgage played a key role in arranging the loan, assisting the borrowers in accessing the necessary funding for Montreal Courts Apartments.
Players
Saint Paul 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
0.59%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93