David Wilkins and Charles Krisfalusi of the Bloomfield Hills, Michigan, office of Pillar Financial recently originated a $7.5 million Fannie Mae loan to refinance The Outfield Apartments in Lansing, Michigan.
The Outfield is a combined development agreement between Gillespie Group, City of Lansing and Michigan Economic Development Corporation. The property is fully leased at market rates.
The Pillar team originated a fixed-rate, 30-year term loan with a 30-year amortization schedule to refinance the construction loan for longtime client Gillespie Group, a multifamily and commercial real estate developer based in Lansing. The transaction closed on Dec. 15, 2017.
The Outfield is a contemporary-designed, three-story property that features 84 one- and two-bedroom units overlooking the Cooley Law School Stadium. The stadium is the home of the Lansing Lugnuts, a Class-A minor league baseball team that is affiliated with the Toronto Blue Jays baseball team. Many of the property’s units overlook the ball park, allowing residents to view baseball games from their living rooms and balconies. Amenities also include a ground-floor community area, a unique entertainment space for residents and their guests to watch baseball games and other entertainment held in the stadium.