Hunt Mortgage Group, a leader in financing commercial real estate throughout the United States, announced today it has provided a loan in the amount of $13.6 million to refinance a multifamily property located in Kalamazoo, Michigan.
Lakeview Apartments is a garden style, two-story residential apartment complex with a total of 280 units. The transaction is structured as a ten-year term with two-years of interest-only at a fixed rate amortizing over 30 years. The borrower is PR Lakeview, LLC.
“The borrower acquired Lakeview Apartments in March 2011and the property was considered to be a value-add opportunity,” noted Marc Suarez Director, at Hunt Mortgage Group. “The apartment complex was built in 1967 and the borrower invested $2 million in 2011 to renovate the property.”
Property amenities include controlled access, a fitness center and health club discount, laundry facilities, on-site maintenance, package service, on-site property management, leasing office, clubhouse and surface parking.
“The borrower is a knowledgeable and experienced commercial real estate and multifamily investor,” added Suarez. “The property is performing well and is currently 93% occupied. We were pleased to partner with this experienced Florida-based sponsor to deliver on this loan.”
Lakeview Apartments is located in Kalamazoo, the county seat of Kalamazoo County, Michigan, which is located 120 miles west of Detroit.