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MichiganMultifamily

District Capital provides financing for 308-unit apartment community in Michigan

January 5, 2022
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Mike Lemon with District Capital arranged 95 percent of the capital stack on the acquisition of a 308-unit apartment community in Ypsilanti, Michigan.

The debt was placed via Fannie Mae and featured 75 percent LTC, a 12-year term and seven 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.

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