First National Building
An office property in Detroit, Michigan. Securitized in 1 CMBS deal in 2022.
$162.0MAppraised value (latest deal)
94.9%Occupancy
$15.5MUnderwritten NOI
9.5%Implied cap rate
- Address
- 660 Woodward Avenue, Detroit, MI 48226
- Property type
- Office · CBD
- Year built
- 1921
- Size
- 800,119 SF
- Sponsor
- Bedrock Detroit
- Loan purpose
- Refinance
- Largest tenant
- Amrock
Appearances in CMBS deals
| Deal | Cut-off / filing | Appraised | Occ. | UW NOI | Cap | Loan / alloc. bal. | LTV | DSCR | Source |
|---|---|---|---|---|---|---|---|---|---|
| MSC 2022-L8 | 2022-04-07 | $162.0M | 94.9% | $15.5M | 9.5% | $4.6M | 59.4% | 3.30x | 424B |
Historical NOI reported in MSC 2022-L8
| Period ending | NOI |
|---|---|
| 9/30/2021 | $14.6M |
| 12/31/2020 | $14.1M |
| 12/31/2019 | $9.5M |
More CMBS properties in Michigan →
Figures are read from Annex A-1 of the trust's SEC prospectus as of the deal's cut-off date. Parsing can misread a cell; the prospectus link is the authoritative source. Implied cap rate = underwritten NOI ÷ appraised value, shown only between 2% and 20%.