Marcus & Millichap negotiated the sale of Sturgis Crossings, a 42-unit multifamily property in Saint Johns, Michigan.
Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged acquisition financing on behalf of the buyer.
Gilewski and Chris Futo, investment specialists in Marcus & Millichap’s Detroit office, had the exclusive listing to market the property on behalf of the out-of-state seller and procured the local buyer. Luke Lamoreaux, associate director also based in the firm’s Detroit office, secured the financing with a national credit union on behalf of the buyer. The loan features a 10-year term with a 6.3% interest rate and 6 months of interest-only payments, and 25-year amortization period.
Located at 900 E. Sturgis St., Sturgis Crossings is situated on 2.80 acres just north of Lansing with convenient access to U.S. Highway 127. Built in 1984, the property encompasses 29,770 rentable square feet and features a mix of one- and two-bedroom units.
