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Marcus & Millichap Facilitates $9.1M Refinancing For Cranston Multifamily Properties
FINANCED
$9,100,000
Rhode Island
See Similar DealsMultiFamily
Financed 10/18/2023
FINANCED
Marcus & Millichap Facilitates $9.1M Refinancing For Cranston Multifamily Properties
125 Midway Road & 45 Poplar Drive
See Similar DealsMultiFamily
Financed 10/18/2023
Summary
RHODE ISLAND
Asset Type:MultiFamily
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$9,100,000.00
Monthly NOI$60,666.67
Monthly Debt Service$57,518.19
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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