Evan Hom, managing director with the New York office of SunTrust Commercial Real Estate, originated an $18.3 million Fannie Mae loan for the acquisition of Glengarry Apartments, a 300-unit multifamily property built in 1978.
The property is located in Waterford, Michigan, a suburb of Detroit. The sponsor is Michigan-based.
Hom originated a 15-year term loan with seven-years interest-only followed by a 30-year amortization schedule for Glengarry Apartments. The property was 94.7 percent occupied at time of close on February 19.
