Mike Lemon with District Capital arranged 95 percent of the capital stack on the acquisition of a 308-unit apartment community in Ypsilanti, Michigan.
The debt was placed via Fannie Mae and featured 75 percent LTC, a 12-year term and seven years of interest-only payments followed by a 30-year amortization schedule.
The JV equity was placed with a correspondent life insurance partner of District Capital and featured a waterfall return structure with no GP involvement required.
