Mike Lemon with District Capital arranged 95% of the capital on the acquisition of a 129-unit apartment community in Riverview, Michigan.
The debt was placed via Fannie Mae and featured the following terms: 70% LTV, 10-year term, and 5-years of interest-only payments followed by a 30-year amortization schedule.
The JV equity was placed with a correspondent life insurance partner of District Capital and featured a waterfall return structure with no GP involvement required.
