Updated Dec 4, 2024
Joshua Bernard Of Bernard Financial Group Secures $7.5 Million Freddie Mac Loan For Lincoln Meadows In Dickinson ND
3472 4th Avenue East
$7,500,000
Units
203
Asset Type
MultiFamily
Closing
Nov 8, 2024
About this deal
AI
The transaction involves Lincoln Meadows, a multifamily property consisting of 203 units located at 3472 4th Avenue East in Dickinson, ND. The loan secured for refinancing amounted to $7,500,000 and was facilitated through Freddie Mac, focusing on enhancing the financial terms for the landlord, Lincoln Meadows Owner LLC.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $7,500,000
- Address: 3472 4th Avenue East
- Market: Dickinson, ND
- Lender: Freddie Mac
- Landlord: Lincoln Meadows Owner LLC
- Broker: Joshua Bernard - Bernard Financial Group
- Loan Type: Refinance
- Units: 203
Joshua Bernard, representing Bernard Financial Group, played a pivotal role in securing the loan for Lincoln Meadows. His expertise facilitated the refinancing process on behalf of the landlord, ensuring the smooth execution of the transaction.
On the Map
$7,500,000
MultiFamily
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Dickinson 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
2.12%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93