Arbor Funds $6.7M Freddie Mac SBL Deal in Michigan
Truman Village Apartments offers a park-like setting with a large pet-friendly community, playground and personal patios.
TROY, TAYLOR, AND ROCKWOOD, MI—Arbor Realty Trust recently funded a Freddie Mac SBL portfolio in Michigan. The three properties, totaling 154 units, received $6.7 million in combined funding. Each loan comes with a 20-year term including a 10-year fixed rate.
The portfolio includes: Troy Village Apartments in Troy, MI, which received $1.1 million in funding; Pointe Place Apartments in Taylor, MI, which received $3 million in funding; and Truman Village Apartments in Rockwood, MI, which received $2.5 million in funding.
David Galst of Arbor’s Century City office originated the loan. “I’m happy to report that the borrower sincerely appreciated Arbor’s straight-forward and hands-on execution in closing this cash-out refinance deal,” says Galst. “The terms of the loan facilitated the removal of a vacant lot adjoining one of the properties which was encumbered by the prior lender.”
Built in 1957, Troy Village Apartments offer amenities such as on-site parking, laundry facilities and high-speed Internet access. The property is near I-75 with easy access to Detroit Metro Airport.
Pointe Place Apartments, built in 1971, provide on-site parking options, high-speed Internet access and rentable storage units.
Truman Village Apartments, also built in 1971, offer a park-like setting with a large pet-friendly community, playground and personal patios. The property is close to Lake Erie Metro Park and Lake Erie Smith Creek.