The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.76%. The loan was originated by Michael Jehle, Midwest regional director in Arbor's full-service Bloomfield Hills lending office. Arbor is a national lender specializing in debt and equity financing for the multifamily market, healthcare and commercial real estate industries.
Also, the Birmingham, MI, office of Hendricks & Partners helped sell the Chalet Apartments at 1200 E. Grand River in East Lansing. The Chalet is located on the edge of Michigan State University's campus and is licensed for 118 students. The 30-unit apartment community received more than a dozen offers and was sold at a CAP rate near 8.0% with an aggressive sales price.
The seller was the Chien Family of East Lansing. The buyer was New Millennium Investment Properties, L.L.C. of East Lansing. The transaction was negotiated by Jeff Blanton, who told GlobeSt.com that he could not release the sale price.
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