Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Hunt Secures Refi of Detroit Apartment Portfolio
Hunt Real Estate Capital provided a 10-year, fixed-rate Fannie Mae DUS conventional multifamily loan of $7.5 million to refinance a multifamily portfolio in Detroit. East Jefferson Portfolio is a 131-unit, mid-rise apartment portfolio that consists of three properties.
Hibbard Tower is a nine-story building containing 44 units and ground-floor commercial; the Kean Building is a 15-story building with 49 units; and Trombley Lodge is a four-story building containing 38 units. The buildings were constructed between 1926 and 1931.
“The current owners purchased the property in April of 2017, and since acquisition, have invested $1.6 million to improve the three properties, including significant facade work, commercial build out, elevator repairs, boiler/water heater repair, roof repair, and unit improvements,” said director James Kelly at Hunt Real Estate Capital.
The borrower will also implement additional green initiatives to continue improving the property.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing


Subscribe to Connect Daily Chicago