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Chicago & Midwest  + Midwest  + Finance  | 

CBRE Arranges Refi on Battle Creek Apartments

CBRE recently structured a $2,310,000 loan to refinance the Hidden Lane Apartments in Battle Creek, MI. A Freddie Mac Small Balance Loan was obtained by Jason Brown and Sam Orman of CBRE Capital Markets’ Debt & Structured Finance team, on behalf of client Twins Real Estate.

The 10-year loan is amortized over 30 years, has a fixed rate of 4.13% with two years interest-only. The financing has a 70% loan-to-value ratio.

The property at 612 Garrison Ave. contains 77 units across three apartment buildings and two townhome buildings. The property is located two blocks from Kellogg Community College, three minutes from Federal Center, a block from Lienar Path and close to Bailey Park.

“This refinance allowed the borrower to capture the value they created after finishing up unit and exterior renovations,” said Brown. “Additionally, we were pleased the loan provided a non-recourse solution for the client.”

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
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