Updated Oct 28, 2024
Chamberlain Apartments LLC Refinances Richfield Multifamily Complex With $53M Loan
6630 Richfield Pkwy, Richfield, Minnesota 55423, United States
$53,000,000
$571/SF
Building Size
92,783 SF
Asset Type
MultiFamily
Closing
Jan 9, 2022
About this deal
AI
The Chamberlain Apartments LLC in Richfield, Minnesota has recently refinanced their multifamily property located at 6630 Richfield Pky. The property consists of 316 units, making it a substantial asset in the market.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $53,000,000
- Loan Type: Refinancing Loan
- Loan Terms: 35-year loan is fully amortized
Colliers Mortgage represented Chamberlain Apartments LLC in the refinancing deal. The loan amount of $53,000,000 allowed the landlord to secure favorable loan terms, including a fully amortized 35-year loan, providing long-term stability for the property.
Players
Minneapolis 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
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93