National + Michigan + Student Housing | February 22, 2019

Hunt RE Capital Arranges Fannie Refi on Michigan Student Housing

Hunt Real Estate Capital has provided a $15.5-million Fannie Mae multifamily loan to refinance a student housing property in Big Rapids, MI. Phase one of Campus Creek Cottages is 100% occupied by students at nearby Ferris State University; a second phase is slated to open in August.

Campus Creek Cottages is a purpose-built, rent-by-the-bed student housing property. It will contain 92 units, totaling 368 beds, when fully built out.

The borrower, GFJ BR Cottages, LLC, developed the property and is backed by key principals Steen Grundahl and Alan Johns. The loan sponsor also controls Campus Crek Townhomes across the street from the cottages.

Hunt RE director Ben Eibler noted that not only is the property 100% occupied, but also is already “significantly pre-leased for the 2019-2020 school year. This property is certainly in high demand.”

The mortgage banker on the deal was Ben Greemann, of Grand Rapids, MI-based Greemann Capital.

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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. 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 15-20 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).