Arbor Commercial Funding recently funded 10 loans for multi-family projects in the Midwest totaling more than $35 million. Michael Jehle, vice president in Arbor’s Bloomfield Hills, Mich., office originaed all of the loans.
“The multi-family industry continues to remain the most sought-after investment class in real estate,” Jehle said.
Arbor funded the following projects:
Americana on the River Apartments in East Lansing, Mich.: The 90-unit property serving Michigan State University received $7.9 million. A fitness center and tanning room are two of the amenities at this property.
The Michigan portfolio of Tree Top Meadows, Peppertree Park and Maple Road Towers: These combined 190-unit multi-family properties received $6.85 million. The 12-year refinance loans amortize on a 30-year schedule.
Bloomfield Hills Townhouses Cooperative in Pontiac, Mich.: The 283-unit property received $5.65 million. The 10-year refinance loan amortizes on a 30-year schedule.
Lexington Apartments in East Lansing, Mich.: This 84-unit prperty received $4 million dunded under the FHA Section 207/223(f) loan product line. The 35-year refinance loan amortizes on a 35-year schedule. The property includes an in-ground swimming pool, sand volleyball court and on-site parking.
Haslett Arms Apartments in East Lansing, Mich.: This property serves Michigan State University and includes 41 units. it received $3 million in the form of a 10-year refinance loan that amortizes on a 30-year schedule.
Northcrest Apartments in Riverside, Mo.: This 151-unit multi-family property received $3.15 million. The 10-year refinance loan amortizes on a 30-year schedule. The property includes an outdoor pool with a sun deck, laundry facilities in every building and a playground.
Greenway Villas Apartments in Raymore, Mo.: The 51-unit property received $2.98 million under the Fannie Mae DUS Small Loan product line.
Rowanoake Apartments in Streetsboro, Ohio: This 116-unit multi-family community received $2.135 million.