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.
Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.
Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.