CBRE has structured a $2.31 million loan to refinance the Hidden Lane Apartments in Battle Creek, Michigan.
A Freddie Mac Small Balance Loan was obtained by Jason Brown and Sam Orman of CBRE Capital Markets’ Debt & Structured Finance team on behalf of their client Twins Real Estate.
The 10-year loan is amortized over 30 years, has a fixed rate of 4.13 percent with two years interest-only. The financing has a 70 percent loan-to-value ratio.
The property, at 612 Garrison Ave., is made up of 77 units across three apartment buildings and two townhome buildings. The property offers amenities including a pool, garages, covered parking, and is conveniently located two blocks from Kellogg Community College, three minutes from Federal Center, a block from Lienar Path and close to Bailey Park.
