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Chicago & Midwest  + Midwest  + Finance  | 

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.


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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).

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