Knighthead Funding LLC has originated separate loans totaling $37.3 million for the development of three multifamily projects in Michigan. All three non-recourse loans range in term from 18 to 36 months and are secured by assets in distinctively different markets.
In the largest of the financings, Knighthead provided a Michigan-based developer with a $17.7-million first mortgage loan to finance the completion of a four-story, 78-unit building in Traverse City.
With the second financing, Knighthead provided Greatwater Opportunity Capital with $10.8 million to acquire and renovate two multifamily buildings in Midtown Detroit. The two buildings are located in Midtown’s Cass Corridor in an Opportunity Zone and feature 118 units and 4,600 square feet of retail.
Knighthead also provided an $8.8-million loan for the construction of a 19-unit condominium building in downtown Ann Arbor. Branded The Gallery, the property, which is 50% pre-sold, is located in the Old West Side neighborhood.
Pictured: 155 Garland St. in Traverse City, MI.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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