Mike Lemon and Jon Potvin of District Capital arranged acquisition financing for Gardentown Apartments, a 40-unit community in Wyoming, Michigan.
The financing was placed with a finance company that offered a 30-year term, seven years of interest only, and a declining prepayment structure.
The client was looking for leverage, max IO, and flexible prepay since he planned to implement a value-add business plan at the property post-closing.
