Evan Hom, managing director in SunTrust CRE’s New York office, originated a $16.35 million 24-month, floating rate with interest-only bridge loan for the acquisition of Hoover Square in Warren, Michigan, the largest suburb of Detroit.
The 342-unit multifamily property features one- and two-bedroom apartments.
SunTrust CRE originated the bridge loan for a Michigan-based borrower that owns and operates properties across the Midwest and Southeast. The market-rate Class-B property was well-leased at the time the deal closed, Nov. 26.
