Dallas-based Revere Capital has funded a $4.9 million loan on Cherry Hill Club Apartments, a 154-unit multifamily property in Inkster, Michigan, and Village Green at Lincoln Park, a 106-unit multifamily property in Lincoln Park, Michigan. Both cities are in Wayne County and suburbs of Detroit.
The borrower utilized 1031 exchange proceeds along with Revere’s funds to purchase the apartment communities, which are located at 209 Cherry Hill Trail in Inkster and 1369 Fort Street in Lincoln.
Revere financed approximately 60 percent of the acquisition price and funded the loan in less than 10 days from the time the borrower contacted Revere in order to meet the 1031 exchange deadline.
