Pillar originated a $54.8 million HUD 223(f) fixed-rate, 35-year term loan for Lake Shore Apartments, located on Ford Lake in Ypsilanti, Michigan.
The 1,028-unit multifamily property features unique amenities, including dog runs, pet washing stations, nature trails and monthly community activities. The property is fully leased at market rates.
David Wilkins, Managing Director of Pillar in the Bloomfield Hills office, originated the financing. The borrower is LITW, LLC, a private real estate investor.
“This transaction is the largest single HUD refinancing loan originated to date in Michigan,” said Wilkins. “The current owner and leadership of the management company have delivered a high-quality residential experience, positioning the property for its tenants’ enjoyment.”
