The State Bank recently closed the financing of two multifamily projects in Michigan.
The first was a land-contract refinance with a construction component on a 64-unit apartment complex in Pontiac, Michigan. This facility provided funding to bring additional units on line, and allow the transition of management that will improve the asset’s standing in the community. Matthew J. Wilk of The State Bank in Brighton, Michigan, arranged the financing.
The second project is a refinance of a 98-unit property in Flint Township, Michigan. One of the agency lenders was unable to complete a refinance of the project because of a utilities issue. The State Bank completed the financing for the customer. Wilk again arranged the financing, with the assistance of Aaron Klein of Commercial Mortgage Capital.