Bellwether Enterprise Real Estate Capital LLC closed two loan deals totaling $7.15 million for a multifamily housing property in Shelby Township, Michigan, and a free-standing retail property in Howell, Michigan.
Otto Kern, senior vice president in Bellwether Enterprise’s Birmingham, Michigan, office, originated both loans.
The deals are:
- Stoney Creek Cove (Shelby Township, Michigan), a Protective Life Insurance Co. loan on behalf of the borrower for Stoney Creek Cove Apartments Phase II in Shelby Township. The Stoney Creek Cove buildings are newly constructed and contain 30 units, representing the second phase of a planned 100-unit development. The property offers two and three-bedroom units with a variety of floor plans.
- Tractor Supply (Howell, Michigan), a Protective Life Insurance Co. loan on behalf of the borrower for the free-standing 24,000 square-foot Tractor Supply retail facility in Howell. The property is located in an active retail location in Howell with excellent accessibility to I-96.