Updated Oct 28, 2024
Northridge Group Refinances Multifamily Property In Moorhead, MN With $11.16M Loan From Greystone
South Shore Landing & The Edition at South Shore Landing, 40th Street South, Moorhead, MN, USA
$11,160,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 29, 2021
About this deal
AI
The multifamily property located at 2725 S 40th St, Moorhead, MN, known as South Shore Landing, has undergone a successful loan refinancing. The transaction took place on June 30, 2021, in Moorhead, MN.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $11,160,000
- Market: Moorhead, MN
The landlord, Northridge Group, soughtrefinancing for the property, and the loan was provided by greystone''>Greystone. The loan amount offered by Greystone for the project was $11,160,000. The loan type for this transaction was HUD 223(f) with a 35-year term and amortization. The loan terms provided a low fixed rate.
Representatives from Greystone, namely Dan Sacks and Ilan Bassali, facilitated the loan process and played a crucial role as lenders in this refinancing deal.
Players
Moorhead 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
1.42%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93