Hunt Mortgage Group provided a Fannie Mae loan in the amount of $5.6 million earlier this spring to refinance a student housing property in Ann Arbor, Michigan.
Varsity Portfolio is made up of three buildings containing 44 units at 418 E. Washington St., 1015 W. Huron St. and 1015 Vaughn St. The buildings were developed in 1963 through 1967, and have 26,030 square feet of rentable space. The property was renovated in 2013 through 2015.
The Borrower is KRP, LLC, a Michigan limited liability company. This transaction is structured with a 12-year term with 11.5 years yield maintenance, two years of interest only, followed by a 30-year amortization schedule.
Varsity Portfolio is currently 100 percent occupied, and has been so for the past 72 months. The buildings are in good condition and have been well maintained with normal levels of capital investment being invested to address necessary and preventative maintenance.
