CBRE has structured a $1.99 million loan to acquire and remodel a mixed-use, office/apartment building at 610 Abbot Road in East Lansing, Michigan. A First Bank of America Loan was obtained by Jason Brown and Sam Orman of CBRE Capital Markets’ Debt & Structured Finance team on behalf of their client, Student Rental Investments.
The two-year $1.99 million loan is also two years interest only and provides funds to convert the office and apartment space into a full student housing property. Built in 1965, the building at 610 Abbot Road is a three-story property that originally housed Michigan State University Law School classrooms on the first floor with a mix of studios and one-bedroom apartments on the second and third floors.
The renovations by Student Rental Investments will create a 51-unit student housing property with a mix of studio and one-bedroom apartments located near the campus of Michigan State University.
Student Rental Investments is a student rental property ownership and management company based out of Charlotte, North Carolina.