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Fannie Mae Loans Finance Michigan Apartment Buys
CBRE provided two Fannie Mae DUS conventional loans totaling $15,957,000 to finance the acquisition of two multifamily properties in Michigan. The loans were obtained by Michael Duggan, Brian Robertson, and Sam Orman of CBRE Capital Markets’ Debt & Structured Finance Team and David Carey of Emerald Isle Investment Partners on behalf of their client, VennPoint Real Estate.
Blue Heron Pointe is a 64-unit, nine building property located at 6244 Trumpeter Ln. in Ypsilanti, MI. The Ravines of Plymouth apartments are a 54-unit, five building property located at 13050 Woodridge Cir. in Plymouth, MI.
Both loans are fixed for 10 years and are interest-only over the full term of the loan.
“VennPoint is an experienced sponsor and we look forward to future opportunities with them as they continue to add to their real estate portfolio,” said Duggan.
Pictured: The Ravines of Plymouth.
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