Hunt Real Estate Capital provided a Freddie Mac Small Balance Loan of $6.4 million to finance the acquisition of a multifamily property in Clarkston, Michigan.
Chalet Villa Apartments is a 123-unit apartment community that was built in 1974 and is located at 6935 Tuson Blvd. The property consists of eight two-story garden apartment buildings, a maintenance building and pool storage building.
The loan is a 10-year, fixed-rate loan with no interest-only. The borrower is 6935 Chalet Villa Apartments LLC, a Michigan limited liability company. The seller recently invested about $1.18 million in capital improvements, including roofing, sidewalk, boiler and sewer upgrades.
The eight apartment buildings contain 46 one-bedroom, one-bathroom units; 11 two-bedroom, one-bathroom apartments; and 66 two-bedroom, one-and-a-half bathroom units.
Clarkston is located about 43 miles north of Detroit. Employment in the metropolitan area continues to be driven by the automotive industry.
