BWE, a national commercial and multifamily mortgage banking company, announced today it has secured $19,750,000 in acquisition financing for a 326-unit low-rise apartment portfolio in Clinton Township, Michigan, part of the Detroit metropolitan area.
Adam Gould, senior vice president in BWE’s Detroit office, originated the three-year, value-add, non-recourse bridge loan with three years of interest-only payments and a 75% loan-to-cost ratio on behalf of the buyer, a regional fund that invests in workforce housing.
“In this tough economic environment, we knew that working fast and closing this deal quickly was of paramount importance, so we leveraged our deep knowledge of the Southeast Michigan market and BWE’s comprehensive suite of lending products to find a capital solution that fit with the long-term business goals of our client,” said Gould. “As the housing affordability crisis continues, we’re proud to help secure much-needed financing so that these properties can continue to serve hard-working Michigan residents.”
The Clinton Township portfolio consists of 13 low-rise buildings and features a mix of one- and two-bedroom units. Amenities include a pool, clubhouse, tennis court, on-site laundry, and ample parking.
Clinton Township, located approximately 25 miles north of downtown Detroit, is an attractive community for renters seeking convenient access to healthcare services, shopping centers, and recreational opportunities. The strong rental market is also driven by the area’s high-quality schools, low crime rate, and proximity to nature.