Marcus & Millichap Facilitates $9.1M Refinancing For Cranston Multifamily Properties
125 Midway Road & 45 Poplar Drive
$9,100,000
Building Size
—
Asset Type
MultiFamily
Closing
Oct 18, 2023
AI
Marcus & Millichap Capital Corporation (MMCC) facilitated a $9.1 million refinancing for two adjacent multifamily properties, Midway & Pop Lofts, located at 125 Midway Road and 45 Poplar Drive in Cranston, Rhode Island. These multifamily properties are situated in a prime location within the Cranston market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $9,100,000
- Address: 125 Midway Road & 45 Poplar Drive, Cranston, RI
- Market: Cranston, RI
Leading the transaction was Robert Damigella of Marcus & Millichap. As the broker from Marcus & Millichap, Damigella played a crucial role in facilitating the $9.1 million refinancing for the Midway & Pop Lofts properties. Through his expertise and connections, Damigella ensured a successful loan negotiation and acquisition for the property owners.
Cranston 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
1.74%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93