Evan Hom, managing director with SunTrust CRE, originated an $8.55 million bridge loan for the acquisition and renovation of Birch Hill Apartments in Westland, Michigan, a suburb of Detroit.
Built in 1974, Birch Hill is a 172-unit multifamily property with one-, two- and three-bedroom apartments. It also features a swimming pool and clubhouse.
SunTrust CRE originated the bridge loan for a Michigan-based CRE owner/operator. The property was fully occupied at the time of closing on July 30.
