BWE Secures $20M in Acquisition Financing for Michigan Apartments
BWE, a national commercial and multifamily mortgage banking company, 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 percent loan-to-cost ratio on behalf of the buyer, a regional fund that invests in workforce housing.
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.
“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.
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